Mirae Asset, a Seoul-based financial group, is considering buying South Korean cryptocurrency exchange Korbit, the Korea Times reported on Monday.
The company is in talks to acquire 92% of Korbit for as much as 140 billion won ($97 million), according to the report, which cited industry officials.
Offering asset management, wealth management, investment banking and insurance, Mirae Asset is a prominent traditional finance (TradFi) company in South Korea. The acquisition would be its first involvement in a cryptocurrency-related business.
An unidentified official noted that Mirae founder Park Hyeon-joo has emphasized exploring opportunities to connect traditional and digital assets, according to the report.
“Korbit has historically had a limited presence, but Mirae Asset Financial Group’s decades of expertise could allow it to pursue a differentiated strategy,” the official added.
The exchange is the fourth largest in terms of trading volume out of the six incorporated in South Korea, according to CoinGecko. Its 24-hour volume of $11.8 million is dwarfed by Upbit’s $1.2 billion and Bithumb’s $475 million. Coinone sits in third place with a volume of $58 million.
Neither Mirae Asset nor Korbit responded to CoinDesk’s request for further comment.
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