[Exclusive] Toss Reviews Acquisition of Overseas Crypto Exchange… In Talks With US Institutional Platform

Toss, which has set up a dedicated blockchain organization, has been confirmed to be sounding out the market with a view to acquiring an overseas virtual-asset (cryptocurrency) exchange. In particular, it has been found to be maintaining contacts with a range of overseas platforms with an institutional trading model in mind.

According to multiple industry sources on the 12th, Toss is reviewing whether to pursue an acquisition or strategic investment while engaging with a number of overseas virtual-asset exchanges, centered on its US subsidiary, “Toss Securities America.” It was also reported to have recently held a meeting with EDX Markets, a US institutional-only digital-asset trading platform.

A source familiar with internal discussions at Toss said, “It’s not at the stage of deciding whether to proceed with an acquisition, but I understand they are keeping the possibility of acquiring an overseas exchange open and continuing talks with multiple platforms.”

In the case of EDX Markets, however, some analysts say the contact was more likely aimed at benchmarking its institutional trading structure and regulation-friendly operating model, rather than evaluating it as an acquisition target, given that it is an institutional-only platform backed by major Wall Street financial firms including Fidelity.

Toss’s move to consider acquiring an exchange also dovetails with the company’s establishment of a dedicated blockchain organization, previously reported exclusively by Bloomingbit. Toss recently set up a new blockchain unit and has begun hiring related developers. The job postings include advanced technical requirements—such as node operation, cryptography-based signing systems (HSM), and large-scale traffic handling—prompting interpretations that the company is effectively preparing with “exchange-grade infrastructure” in mind.

An industry official said, “Designing wallet and transaction infrastructure in-house is highly likely to be foundational work for expanding trading functions or custody down the road,” adding, “It could be a preliminary step toward acquiring an overseas exchange.” The person also analyzed that, “Given the emphasis on financial-grade stability and compliance readiness, they appear to be factoring in requirements such as the Information Security Management System (ISMS) and virtual-asset service provider (VASP) standards.”

Past experience also appears to be a factor behind Toss’s review of an overseas exchange acquisition. Toss previously sought to acquire domestic crypto exchange ProBit in 2022, but the deal fell through amid concerns from the Financial Services Commission over anti-money laundering (AML) capabilities.

As a comprehensive financial platform that already owns an internet-only bank and a securities firm, Toss would face complex regulatory burdens if it were to directly acquire a domestic exchange—ranging from conflicts of interest to consumer protection, anti-money laundering, and strengthened internal controls. As a result, the industry is increasingly leaning toward the view that Toss may opt for an indirect approach using overseas entities rather than a direct domestic entry.

Experts said, “If Toss moves ahead with an exchange acquisition, it is more likely to choose a regulation-friendly exchange with a high institutional share rather than a high-leverage derivatives-focused platform,” adding, “It will pursue an indirect strategy centered on custody, wallets, and settlement infrastructure rather than direct domestic operations.”

If Toss were to secure an exchange, it is expected to be able to build an integrated digital-asset financial infrastructure that spans stablecoin distribution and settlement infrastructure as well as asset custody, trade execution, and liquidity management.

In response, Toss said, “We cannot confirm the related details.”

Hwang Doo-hyun, Bloomingbit reporter cow5361@bloomingbit.io