OKX Ventures, the investment arm of the global crypto exchange OKX, announced today that it will purchase a 19.6% stake in Coinone, one of South Korea's five licensed digital asset trading platforms.
According to the press release, Coinone signed strategic equity investment agreements with OKX Ventures, Korea Investment & Securities (KIS), and Com2uS and its affiliated company. Today's announcement confirms earlier local media reports of the investment.
OKX Ventures and KIS will each invest 80 billion Korean won ($53 million), giving each a 19.6% stake in the company upcon completion of the investments and receipt of regulatory approvals.
The two are set to jointly become the third-largest shareholders of the South Korean exchange, following Coinone CEO Cha Myung-hun (27.8%) and Com2uS Holdings and affiliated company (25%).
The investment will be made via a combination of secondary share purchases from Cha and Com2uS, as well as subscription of newly issued shares, the release said.
