Crypto Reporter
Shalini Nagarajan
Crypto Reporter
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Coinbase is weighing a potential equity investment in South Korea’s Coinone, as the country’s third-largest crypto exchange explores options that include selling part of its controlling shareholder’s stake, according to local media and industry sources.
A local outlet reported Sunday that Coinone has put itself on the market and is discussing scenarios tied to Chairman Cha Myung-hoon’s holdings, which total 53.44% through his personal stake and his holding company, The One Group.
Speculation around a sale picked up after Cha returned to frontline management just four months after stepping down as chief executive, a move that some observers read as preparation for a stake transaction.
Tech Upgrades Accelerate Even As Losses Weigh On Valuation
Coinone, meanwhile, said Cha stepped back in to sharpen its technological edge as it nears a double-digit market share, building out areas such as artificial intelligence.
Attention has also turned to Com2uS, the gaming group that accumulated a 38.42% stake in Coinone between 2021 and 2022.
Coinone’s continued losses have weighed on its book value, which Seoul Economic Daily put at 75.2B won, or about $52M, at the end of the third quarter, below Com2uS’s reported acquisition cost.
Against that backdrop, industry sources say Coinbase plans to visit South Korea this week and meet major local players, including Coinone, as it looks for partners to build products that fit Korean rules.
Korea’s Crypto Exchange Sector Sees Surge In Deal Activity
The talks come as dealmaking accelerates across South Korea’s crypto exchange sector, with traditional finance and big tech circling licensed platforms and won trading rails.
Regulators recently cleared Binance’s long-running effort to take over GOPAX, and the market has since seen a rush of takeover interest.
Naver Financial agreed to acquire Dunamu, the operator of market leader Upbit, in an all-stock deal, while local media have also reported Mirae Asset Securities is pursuing Korbit.
Coinone has tried to differentiate on product as well as ownership, launching what it called the country’s first flexible Bitcoin staking service in Aug. 2025, letting users earn rewards without locking up their holdings.
Coinone says discussions remain open-ended, and it has not settled on a structure, a timeline or a buyer. Still, the prospect of a Coinbase tie-up lands at a moment when Korea’s exchange map is already shifting, and when global players are watching for a way in.
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