South Korea’s Korbit becomes Digital X under Mirae Asset ownership

Mirae Asset has rebranded South Korean cryptocurrency exchange Korbit as Digital X after completing its acquisition of a controlling stake, positioning the platform as the centerpiece of its digital asset strategy.

Summary

• Mirae Asset has renamed South Korean crypto exchange Korbit to Digital X after completing its acquisition of a 97.15% stake.
• The group said Digital X will focus on RWA tokenization, security tokens, stablecoins and products linking traditional and digital assets.
• Existing Korbit services will continue without changes while the exchange strengthens compliance and customer protection measures.

South Korean outlet Herald Business reported that Mirae Asset Group founder and Global Strategy Officer Park Hyeon-joo informed employees in an internal email on July 23 that Korbit had officially joined the group and would begin operating under the new name, Digital X. The announcement came after Mirae Asset Consulting completed its purchase of a 97.15% stake in the exchange.

Park described the rebranding as part of the group’s “Mirae Asset 3.0” strategy, under which Digital X will combine traditional financial services with digital asset businesses. According to the report, he said the new name represents the intersection of different forms of value and the possibilities created by bringing them together rather than serving as only a corporate identity change.

The company plans to build products around real-world asset tokenization, security token offerings, stablecoins and investment products that connect traditional and digital assets. Park said Digital X would serve as a core business unit supporting that strategy as digital assets become more integrated with mainstream finance.

Compliance and customer protection remain central

Alongside the business roadmap, Park outlined governance priorities for the newly rebranded exchange. Herald Business reported that he instructed employees to treat compliance as a non-negotiable standard by maintaining strict controls across anti-money laundering, know-your-customer verification, information security and fraud detection systems.

He also said the company should closely follow regulatory requirements as South Korea continues refining its Virtual Asset User Protection Act and prepares rules for security token offerings. According to the report, Park urged Digital X to become a model for implementing financial regulators’ guidance during the country’s evolving digital asset regulatory framework.

Park further linked the exchange’s future operations to Mirae Asset’s long-standing management philosophy, saying customer wealth creation should remain the foundation for every business decision. He added that products lacking sufficient value should not be introduced under the Mirae Asset brand, according to Herald Business.

The executive also said Mirae Asset intends to combine more than three decades of experience in global financial markets with Korbit’s operational knowledge in digital assets. According to the report, the company sees that combination as a way to help define the next stage of South Korea’s digital asset industry.

Acquisition completed after regulatory approval

The rebranding follows the completion of Mirae Asset’s acquisition of Korbit, which closed after the financial group’s affiliate, Mirae Asset Consulting, secured the required regulatory approvals.

Korbit confirmed on Thursday that Mirae Asset Consulting had completed its purchase of the remaining 5.42% stake, increasing its ownership to 97.15%. Earlier this week, the company disclosed plans to acquire an additional 7.35 million shares worth approximately 7.2 billion won ($5.32 million), raising its holding from 92.06%.

Earlier this month, South Korea’s Fair Trade Commission approved the transaction, which The Korea Herald described as the country’s first acquisition of a cryptocurrency exchange by an affiliate of a traditional financial group. Mirae Asset Consulting previously said the investment was intended to secure future growth opportunities connected to digital assets.

Despite the ownership change, Korbit said customers would continue using the exchange without disruption. The company stated that its operating entity would remain unchanged and that existing services, including trading, deposits, withdrawals and account access, would continue as before.

The exchange also said customer funds and virtual assets would remain segregated from company assets under South Korea’s Virtual Asset User Protection Act. It added that Korbit would continue acting as the controller of users’ personal information, meaning customers would not need to take any action following the acquisition.

Traditional finance expands crypto presence

Mirae Asset’s entry into the cryptocurrency exchange business comes as South Korea’s financial institutions continue increasing their involvement in digital assets through acquisitions, investments and infrastructure partnerships.

CoinGecko data showed Korbit processed roughly $4.3 million in spot trading volume over a recent 24-hour period, placing it among the country’s leading exchanges behind market leader Upbit.

Several similar transactions have emerged across the market in recent months. In May, OKX Ventures agreed to acquire a 19.6% stake in Coinone through an 80 billion won ($53 million) investment alongside Korea Investment & Securities, subject to regulatory approval. The companies said they would cooperate on user protection, security systems and risk management while exploring opportunities related to security tokens and stablecoins.

Binance has also pursued expansion in South Korea through its acquisition of Gopax, while Samsung affiliates announced plans earlier this year to acquire a combined 4% stake in Dunamu, the parent company of Upbit. 

At the same time, major financial institutions including KB Kookmin Bank, Shinhan Bank and NHN KCP have entered partnerships involving tokenized deposits and stablecoin payment infrastructure.

Before joining Mirae Asset, Korbit had also expanded its international partnerships. In November 2024, the exchange integrated Coinbase’s Ethereum layer-2 network Base, allowing users to move Ether between Ethereum and Base while supporting future collaboration on on-chain technology, developer programs and community initiatives in South Korea.