OKX Ventures buys $53 million stake in Korea's Coinone exchange

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OKX Ventures buys $53 million stake in Korea's Coinone exchange The crypto exchange's investment arm and Korea Investment & Securities will each invest KRW 80 billion ($53 million) as Coinone pushes into stablecoins and tokenized securities. What to know: - OKX Ventures and Korea Investment & Securities will each invest KRW 80 billion (about $53 million) for 19.6% stakes in South Korean crypto exchange Coinone, pending regulatory approval. - The combined KRW 160 billion ($106 million) deal will involve both secondary share purchases and subscriptions for newly issued shares. - After the transaction, CEO Cha Myunghun will remain Coinone’s largest shareholder with 27.8% and retain management control, while Com2uS Holdings and its affiliates will hold 25% and OKX Ventures and KIS will become joint third-largest shareholders. OKX Ventures, the investment arm of crypto exchange OKX, will invest KRW 80 billion ($53 million) for a 19.6% stake in South Korean cryptocurrency exchange Coinone, the companies announced Friday, marking one of the largest recent investments by a global crypto firm into Korea's digital asset sector. Korea Investment & Securities (KIS), one of South Korea's largest brokerages, will make an identical KRW 80 billion investment and also hold a 19.6% stake upon completion of the transaction, which remains subject to regulatory approval. The combined KRW 160 billion ($106 million) deal will be structured through a mix of secondary share purchases from existing shareholders and subscriptions for newly issued shares, according to a company statement. Following the investment, Coinone CEO Cha Myunghun is expected to remain the exchange's largest shareholder with a 27.8% stake and retain management control. Com2uS Holdings and its affiliates will hold 25%, while OKX Ventures and KIS will become joint third-largest shareholders. The deal formalizes discussions first reported by Yonhap earlier this month, which said OKX and KIS were considering acquiring roughly 20% stakes in Coinone. More For You XRP snapped a streak of lower lows on heavy buying, though the token remains stuck below major resistance levels that have capped every rally this year. What to know: - XRP has bounced from late-May lows and briefly pushed above $1.30 on strong volume, but it remains well below levels that would confirm a lasting trend reversal. - Sentiment is deeply negative, with the average active trader sitting on large unrealized losses even as some analysts see conditions that have historically...

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