Korbit, South Korea’s first homegrown crypto exchange founded in 2013, now has a new home and its a traditional finance behemoth.
The exchange announced Thursday that it is now part of the Mirae Asset Group family, which reportedly had an AUM of $1 trillion as of May.
The acquiring entity is Mirae Asset Consulting, an affiliate of Mirae Asset Group, which has acquired Korbit’s shares through mandated regulatory reporting procedures, becoming the largest shareholder. The announcement clarified that there are no changes to Korbit Co., Ltd., the corporation that operates Korbit.
The affiliate firm also looks after the group’s hotels and golf course businesses and now reportedly holds a 97.15% stake in Korbit.
For the exchange users, the acquisition by the Mirae affiliate brings no immediate disruption. The exchange said that all services, such as login, trading, deposits and withdrawals, will continue without interruption. User deposits and virtual assets will continue to be held separately from company assets, consistent with South Korea’s Act on the Protection of Virtual Asset Users. Personal data processing also remains unchanged and requires no action from users.