coindesk.com
Mirae Asset has acquired Korbit and its plans for the exchange go beyond just capturing Korean market share. It wants to build an "intelligent investment platform."
"We plan to strengthen investor education and research capabilities and develop Digital X into an 'intelligent investment platform' where knowledge, information and in-depth investment insights are organically connected," the firm told CoinDesk in an email.
Mirae is rebranding Korbit as Digital X as part of its broader vision for the exchange. X here represents an uncharted future and the limitless possibilities created when different forms of value intersect and converge, the firm said.
Big plans
The ambition goes further than a rebrand.
Mirae plans to build an investment ecosystem in which real-world assets, security token offerings, stablecoins, traditional assets, and digital assets are seamlessly interconnected. In other words, Mirae's vision is to position Digital X as an infrastructure layer rather than just another exchange competing for trading volumes in the crowded South Korean crypto market.
Korbit currently holds less than 1% of South Korea's domestic crypto market, far behind giants Upbit and Bithumb. When asked directly about its strategy to compete, Mirae Asset stressed that the goal is not to overtake any other company or exchange, but to promote sustainable growth of the digital assets industry in South Korea.
"We intend to combine Mirae Asset's extensive global investment expertise with Korbit's digital asset capabilities to promote the sound and sustainable growth of the digital asset industry in Korea and globally."
In other words, Mirae Asset isn't trying to outdo Upbit or Bithumb, but to offer a one-stop shop that brings together institutional investment capabilities, research, education, and digital asset infrastructure under one roof.
The group also told CoinDesk it would strictly comply with AML, KYC, and fraud-detection standards across all areas, a signal that Digital X is being positioned for institutional clients as much as for retail traders.
Mirae Asset's affiliate Mirae Asset Consulting recently increased its stake in Korbit to 97.15%, completing the acquisition after receiving regulatory approval from South Korea's Fair Trade Commission.
"The acquisition was carried out through lawful procedures following a thorough review of the relevant laws and regulatory framework. Mirae Asset Consulting was selected as the acquiring entity after comprehensive consideration of each affiliate’s business purpose and role, as well as its potential synergies with the digital asset business," the firm said.