Korea Investment & Securities, OKX to sign 40% Coinone stake deal on May 29

Korea Investment & Securities and overseas crypto exchange OKX are set to sign a deal on May 29 to jointly acquire a 40% stake in South Korean exchange Coinone, Edaily reported. Each firm will acquire a 20% stake in a deal estimated to be worth between 500 billion and 600 billion won (around $362 million to $435 million). The transaction will primarily consist of newly issued shares to maximize capital injection. The news comes as the Financial Intelligence Unit (FIU) under South Korea's Financial Services Commission accepted Coinone's Virtual Asset Service Provider (VASP) license renewal application today. Coinone is the third of the country's top five crypto exchanges to complete its VASP renewal, following Upbit and Korbit.