Coinbase Korea Speculation Grows, but Coinone Says No Deal in Sight
Coinone denied reports of stake sale talks with Coinbase, despite market speculation fueled by regulatory changes and industry consolidation.Summary
Coinone, South Korea's third-largest cryptocurrency exchange, refuted circulating reports suggesting it was in talks to sell a stake to Coinbase, calling the claims "completely groundless." The denial followed a report claiming Coinone Chairman Cha Myung-hoon was exploring a partial sale, with Coinbase executives scheduled to visit Korea. Coinone clarified that while they are reviewing business expansion possibilities and communicating with various overseas and domestic parties, no concrete stake sale negotiations are underway. Despite the denial, initial reports caused Coinone's second-largest shareholder, Com2uS Holdings, to see its stock surge over 17%. The speculation arises amid a significant consolidation wave in the Korean crypto sector, with major players like Upbit/Dunamu and Mirae Asset/Korbit undergoing mergers or acquisitions. Furthermore, the context includes evolving Korean regulations, specifically potential ownership caps that could force Chairman Cha to reduce his majority stake, although the current legislative push has excluded this restriction for now.
(Source：BeInCrypto)