OKX Ventures and Korea Investment & Securities (KIS) are jointly acquiring a 19.6% stake in Coinone, one of South Korea’s largest crypto exchanges, for $106 million. Each firm is putting up $53 million for the stake. The deal marks one of the biggest crossovers between traditional finance and crypto in the country's heavily regulated market.
The deal structure
OKX Ventures, the venture arm of crypto exchange OKX, and KIS, a traditional securities firm, will each hold half of the acquired stake. The $106 million valuation implies a total valuation of around $540 million for Coinone — a substantial bet on the Korean exchange’s future. Both firms are expected to take board seats, though the exact terms haven't been disclosed.
Bridging TradFi and crypto in Seoul
South Korea has long been a hotbed for crypto trading but also one of the strictest regulatory environments. Exchanges must register with the Financial Services Commission and maintain real-name bank accounts. By bringing in a traditional securities player like KIS, Coinone gains a partner with deep local regulatory and financial ties. For OKX Ventures, it’s a foothold in a market where foreign exchanges face direct restrictions on serving local users.
What the investment says about the market
The joint investment signals that both crypto-focused and traditional institutional investors see value in Korean exchange infrastructure. KIS gets exposure to a growing asset class without building a crypto business from scratch. OKX Ventures, meanwhile, strengthens its presence in Asia beyond its home base. The deal also suggests that Coinone is positioning for a broader institutional push — possibly including custody or tokenized securities down the line.
Regulatory hurdles remain
While the investment deepens ties, it doesn’t bypass South Korea’s strict rules. The Financial Services Commission continues to scrutinize exchange operations, and foreign ownership structures are subject to review. How regulators view this particular deal will be closely watched by other firms considering similar moves. For now, the transaction underscores the growing convergence of traditional finance and crypto in Seoul — a trend regulators are still grappling with.
