Korea’s Top Brokerage Wants Into Crypto – Starting With Coinone

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Well, well, well! Korea Investment Securities, one of South Korea’s bigwig brokerages, is eyeing a piece of the crypto pie. They’re in the early stages of talks to snatch up shares in Coinone, the country’s third-largest crypto exchange, according to the Herald Economy.

It’s just another chapter in the never-ending saga of Korea’s crypto consolidation – a trend that has more twists than a good old Southern novel.

A Crowded Field of Suitors

Coinone’s popularity is practically a free-for-all. Back in January, word on the street was that Coinbase was looking to take a stake in the exchange. Coinone shot those rumors down faster than a rattlesnake bite, calling them “completely groundless” at the time. But wait, here comes another heavyweight – Korea Investment – to muddy the waters even more. Sources tell the Herald Economy that the firm is busy working its magic with financial regulators and lawmakers, probably sweet-talking them into clearing the way. It’s a strategy that smells suspiciously like Mirae Asset Group’s playbook before they acquired 92% of Korbit earlier this year. Coincidence? I think not.

Now, let’s talk numbers. Coinone’s CEO, Cha Myung-hoon, currently owns 53.44% of the exchange, which is a pretty hefty slice of the crypto pie. But, there’s a catch – upcoming regulations may force major shareholders to hand over part of their pie. Word on the street is that the new rule might cap ownership at 15-20%. Sounds like Cha might have to slice down his stake. So, what’s Korea Investment thinking? Sources are whispering that they might be aiming for around 20% without stepping on Cha’s toes too hard. All this, of course, remains to be seen. And, as always in crypto, the price is yet to be determined. But don’t worry, industry experts predict that the recent Korbit deal will serve as the perfect template for what comes next.

Coinone’s Mixed Financial Picture

Let’s get into Coinone’s financials, shall we? For 2025, the company’s revenue rose a modest 3%, landing at $31.4 million, all thanks to those good ol’ trading fees. But before you break out the champagne, here’s the kicker: Coinone posted an operating loss of $4.3 million. Ouch! And it’s pretty much the same as the previous year, so not much progress there. But hold on – net income stayed in the black at $1.9 million, but that’s a far cry from the $10.8 million they raked in last year. The reason for the slump? A little thing called crypto valuation losses – to the tune of $5.9 million, up from just $138,000 the year before. If you think that’s bad, wait for it: total assets dropped 18.7%, and cash reserves took a dive. Let’s just say things aren’t exactly looking rosy over at Coinone’s bank account.

Part of a Bigger Shakeup

The Korea Investment play fits neatly into a bigger story of rapid restructuring in Korea’s crypto scene. Naver Financial and Upbit’s parent company, Dunamu, are shaking hands over a merger. Binance just got the green light to acquire Gopax. And don’t forget Mirae Asset, which locked down Korbit like it was the last seat on a lifeboat. In short, Korean brokerages are seeing crypto exchanges less like some random app and more like the backbone of the future financial infrastructure. Wallet services, round-the-clock trading, and – you guessed it – a potential highway to tokenized securities. It’s all starting to look like the wild west of the financial world.

Both Coinone and Korea Investment have confirmed they’re talking, but don’t hold your breath – nothing’s official just yet. In the world of crypto, the only thing that’s for sure is uncertainty, and I wouldn’t bet my last nickel on anything until it’s signed, sealed, and delivered.

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2026-04-03 05:45