South Korea’s third-largest crypto exchange, Coinone, has entered sale discussions as consolidation pressure rises across Asia’s digital asset industry. Seoul Economic Daily reported that major shareholder and chairman Cha Myung-hoon is weighing several options, including selling part of his stake. The report also noted that Coinbase will visit South Korea this week to meet Coinone and other major local firms. Consequently, market watchers now expect a deal process that could reshape the Korean exchange landscape, especially as overseas platforms seek regulated expansion opportunities. Coinone’s Majority Stake Becomes the Focus Financial industry sources said Coinone has started talks centered on Chairman Cha’s ownership. Cha controls a combined 53.44% through his personal stake and his company, The One Group. Besides that, Coinone has reportedly opened discussions with both overseas exchanges and domestic financial institutions. The company aims to explore equity investment and broader partnership frameworks. Cha recently returned to the management front after stepping down as CEO only four months earlier. Some observers tied the move to a potential sale strategy. However, Coinone framed the leadership shift as a business decision. The exchange has pushed for stronger technology features to support market share growth. Additionally, Cha has maintained a heavy focus on product development. He also built internal capacity around AI efforts. Com2uS Stake Seen as Another Possible Block Industry participants also continue to track Com2uS, Coinone’s second-largest shareholder, which holds 38.42%. Significantly, the report linked the stake’s outlook to Coinone’s recent financial performance. Coinone has continued to post losses, which has weighed on valuations and investor expectations. A senior industry insider said, “I heard that CoinOne was put up for sale between the end of last year and the beginning of this year,” and added, “There's talk that it's even reached the due diligence stage.” Hence, the sales process may involve more than one shareholder, depending on buyer demand and pricing. Com2uS acquired its holding between 2021 and 2022. However, Coinone’s on-the-book value fell to 75.2 billion won by the end of the third quarter last year. That figure sat well below the original acquisition value of 94.4 billion won. Coinbase Visit Adds New Momentum Coinbase’s planned Korea trip has intensified attention on Coinone’s options. An industry insider said, “Coinbase's interest remains high, as the number of Korean investors is significant. We are currently seeking partners to develop and respond to products compliant with Korean regulations.” Moreover, the visit highlights a broader trend, as global exchanges compete for access to Korea’s active retail market.
