OKX and Korea Investment and Securities in Talks for 40% Stake in Coinone

OKX is in discussions with Seoul-based investment bank Korea Investment and Securities to acquire a combined 40% stake in Coinone, one of South Korea's largest cryptocurrency exchanges. The two companies are reportedly negotiating to buy around 20% of Coinone each, according to a Yonhap News report on Friday that cited industry sources.

The investment would involve the issuance of new shares rather than the purchase of existing ones. Coinone operates alongside Upbit, Bithumb and CoinW as one of the largest crypto trading venues in South Korea. The planned transaction would give OKX its first foothold in the South Korean market.

OKX was formed in China in 2013 and is now headquartered in San Jose, California. Its planned move into South Korea would follow a similar step by Binance, the world's largest cryptocurrency exchange, which completed its acquisition of Seoul-based Gopax last year after first acquiring a majority stake more than two years earlier.

The involvement of Korea Investment and Securities in the potential deal mirrors the approach of traditional financial firms seeking exposure to cryptocurrency trading. None of the companies involved immediately responded to requests for comment. South Korea has seen increased activity in mergers and acquisitions involving cryptocurrency businesses.

The country is advancing a Digital Asset Basic Act that includes provisions for stablecoins, blockchain remittances and tokenized securities.