PiCK
FIU Clears Coinone Shareholder Change, Completing Strategic Investment
Summary
- The FIU approved Coinone’s shareholder change filing, completing the strategic equity investment by Korea Investment & Securities and OKX Ventures.
- Korea Investment & Securities and OKX Ventures each invested 80 billion won ($57.8 million) to acquire about 20% of Coinone, becoming its joint third-largest shareholders.
- Coinone said it would bolster the competitiveness of its digital-asset exchange by strengthening accountable management and building a stable business foundation with new and existing shareholders.
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South Korea’s Financial Intelligence Unit approved a filing to change the major shareholders of domestic digital-asset exchange Coinone.
Coinone said on July 23 that the FIU completed the filing review on July 22. The approval gives the company a stronger framework for accountable management and a more stable business base with new shareholders Korea Investment & Securities and OKX Ventures, along with existing shareholder Com2uS Holdings, a Coinone official said.
Korea Investment & Securities and OKX Ventures, the investment arm of OKX, signed strategic equity investment agreements with Coinone in May. Under the deal, each invested 80 billion won ($57.8 million) for about a 20% stake in Coinone.
Following the FIU approval, Korea Investment & Securities and OKX Ventures became Coinone’s joint third-largest shareholders. Coinone said it plans to develop into a more competitive digital-asset exchange by combining the compliance expertise and credibility of Korea Investment & Securities with OKX’s blockchain infrastructure technology, which the company said has been validated by 120 million users worldwide.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul