Mirae Asset, one of South Korea's largest financial conglomerates with operations spanning asset management, securities, and life insurance, has officially rebranded cryptocurrency exchange Korbit as Digital X following the completion of its acquisition of a controlling 97.15% stake, positioning the platform at the center of the financial group's broader digital asset strategy.

According to South Korean outlet Herald Business, Mirae Asset Group founder and Global Strategy Officer Park Hyeon-joo informed employees in an internal email on July 23 that Korbit had formally joined the group and would begin operating under the name Digital X.

'Mirae Asset 3.0' Strategy

Park described the rebranding as a key component of the group's "Mirae Asset 3.0" strategy, under which Digital X will integrate traditional financial services with digital asset businesses. He said the new name represents the intersection of different forms of value and the possibilities created by combining them, rather than functioning solely as a corporate identity change.

The company plans to develop products centered on real-world asset tokenization, security token offerings, stablecoins, and investment vehicles that bridge traditional and digital assets. Park said Digital X will serve as a core business unit supporting that strategy as digital assets become increasingly integrated with mainstream finance.

Compliance and Customer Protection Priorities

Alongside the business roadmap, Park outlined governance priorities for the newly rebranded exchange. He instructed employees to treat compliance as a non-negotiable standard by maintaining strict controls across anti-money laundering, know-your-customer verification, information security, and fraud detection systems, Herald Business reported.

Park also said the company should closely follow regulatory requirements as South Korea continues refining its Virtual Asset User Protection Act, which took effect in July 2023, and prepares rules for security token offerings. He urged Digital X to become a model for implementing financial regulators' guidance during the country's evolving digital asset regulatory framework.

The executive linked the exchange's future operations to Mirae Asset's long-standing management philosophy, stating that customer wealth creation should remain the foundation for every business decision. He added that products lacking sufficient value should not be introduced under the Mirae Asset brand.

Park said Mirae Asset intends to combine more than three decades of experience in global financial markets with Korbit's operational knowledge in digital assets, a combination the company views as a way to help define the next stage of South Korea's digital asset industry.

Acquisition Completed After Regulatory Approval

The rebranding follows the completion of Mirae Asset's acquisition of Korbit, which closed after Mirae Asset Consulting, the financial group's affiliate, secured the required regulatory approvals.

Korbit confirmed on Thursday that Mirae Asset Consulting had completed its purchase of the remaining 5.42% stake, increasing its ownership to 97.15%. Earlier in the week, the company disclosed plans to acquire an additional 7.35 million shares worth approximately 7.2 billion won ($5.32 million), raising its holding from 92.06%.

Earlier in July, South Korea's Fair Trade Commission approved the transaction, which The Korea Herald described as the country's first acquisition of a cryptocurrency exchange by an affiliate of a traditional financial group. Mirae Asset Consulting previously said the investment was intended to secure future growth opportunities connected to digital assets.

Despite the ownership change, Korbit said customers would continue using the exchange without disruption. The operating entity will remain unchanged, and existing services — including trading, deposits, withdrawals, and account access — will continue as before. The exchange also said customer funds and virtual assets would remain segregated from company assets under South Korea's Virtual Asset User Protection Act.

Korbit added that it would continue acting as the controller of users' personal information, meaning customers would not need to take any action following the acquisition.

Traditional Finance Expands Crypto Presence

Mirae Asset's entry into the cryptocurrency exchange business comes as South Korea's financial institutions continue increasing their involvement in digital assets through acquisitions, investments, and infrastructure partnerships. South Korea has ranked among the world's largest retail cryptocurrency markets by trading volume, making the country a focal point for both domestic incumbents and international exchanges seeking access to a deep base of individual investors.

CoinGecko data showed Korbit processed roughly $4.3 million in spot trading volume over a recent 24-hour period, placing it among the country's leading exchanges behind market leader Upbit, which has consistently dominated Korean spot trading.

Several similar transactions have emerged across the market in recent months. In May, OKX Ventures agreed to acquire a 19.6% stake in Coinone through an 80 billion won ($53 million) investment alongside Korea Investment & Securities, subject to regulatory approval. The companies said they would cooperate on user protection, security systems, and risk management while exploring opportunities related to security tokens and stablecoins.

Binance has also pursued expansion in South Korea through its acquisition of Gopax, while Samsung affiliates announced plans earlier this year to acquire a combined 4% stake in Dunamu, the parent company of Upbit.

At the same time, major financial institutions including KB Kookmin Bank, Shinhan Bank, and NHN KCP have entered partnerships involving tokenized deposits and stablecoin payment infrastructure.

Before joining Mirae Asset, Korbit had also expanded its international partnerships. In November 2024, the exchange integrated Coinbase's Ethereum layer-2 network Base, allowing users to move Ether between Ethereum and Base while supporting future collaboration on on-chain technology, developer programs, and community initiatives in South Korea.