South Korea’s Coinone selling major stakeholder shares, in talks with overseas crypto exchanges: report

Coinone, South Korea's third-largest cryptocurrency exchange, is reportedly considering options to sell a portion of Chairman and largest shareholder Cha Myung-hoon's 53.4% stake, which includes his personal holdings and those of his company, The One Group. A Coinone representative confirmed discussions with major overseas exchanges and local financial institutions regarding equity investments, though nothing is finalized. Cha's recent return to active management may be linked to preparations for this potential stake sale. The second-largest shareholder, Com2Us, might also include its stake in any deal. This development occurs while Coinone faces financial pressure, having posted recent losses, lowering its book value significantly. Industry sources suggest Coinbase might be involved, with its executives scheduled to visit South Korea soon to meet with Coinone executives. This follows recent ownership changes at other major South Korean exchanges, including Upbit's parent company merging with Naver Financial and Binance acquiring Gopax.

(Source：The Block)