A Mirae Asset Securities branch in Seoul / Yonhap Mirae Asset Group said Thursday that its planned acquisition of Korbit, a domestic cryptocurrency exchange, has cleared review by the Fair Trade Commission (FTC).
"The FTC's approval is significant because it marks the first acquisition of a cryptocurrency exchange by an affiliate of a financial group, highlighting the growing convergence between traditional finance and virtual asset platforms," Korbit said in a statement.
Mirae Asset Consulting, an affiliate of the group, said in February it agreed to buy 26.91 million shares in Korbit, equivalent to a 92.06 percent stake, for 133.5 billion won ($88.82 million).
Follow-up procedures to complete the acquisition will proceed in stages, though the timeline has yet to be finalized, the exchange said.
Digital finance is one of the group's key mid- to long-term growth drivers.
