Coinbase is considering an equity investment in Coinone, South Korea’s third-largest crypto exchange, according to local media and industry sources. This comes as Coinone is exploring options, including selling part of the 53.44% stake held by its chairman and founder, Cha Myung‑hoon.
Cha controls the majority of Coinone through personal shares and his company, The One Group, while gaming firm Com2uS holds about 38%. Reports say both major shareholders are open to selling some of their holdings as the exchange looks for fresh capital.
Why Coinone Is Considering New Investors
Coinone is under pressure in a tough market where rivals like Upbit and Bithumb lead in trading volume and user base. The exchange holds roughly 4% of South Korea’s crypto market and is seeking funds to stay competitive and improve its services.
Local reports describe Coinone as “on the market” since late last year, with talks advancing to early due diligence in recent months.
A spokesperson said the platform is discussing partnerships, including equity investments, with overseas exchanges and domestic financial institutions, but no final deals have been reached.
South Korea’s Changing Crypto Exchange Landscape
South Korea’s crypto sector is seeing a wave of mergers and acquisitions as large financial and tech companies seek licensed trading platforms. Regulators recently approved Binance’s acquisition of GOPAX, and Naver Financial agreed to buy Dunamu, the operator of the top exchange Upbit.
At the same time, policymakers are tightening rules on ownership and oversight of exchanges, including proposed caps on how much a single major shareholder can own. Any Coinbase move into Coinone would need to satisfy South Korea’s strict requirements on real‑name trading, anti‑money laundering, and capital standards.
Coinbase views South Korea as a key growth market because of its active traders and strong won‑based trading infrastructure. The company plans meetings in the country this week to seek partners for products that comply with Korean regulations, and Coinone is one of the main candidates.
With solutions such as a flexible Bitcoin staking service introduced in August 2025, which allows customers to receive rewards without lengthy lockups, Coinone has sought to set itself apart. Although negotiations are still in their early, exploratory stages, a successful partnership might connect that local knowledge with Coinbase’s worldwide reach.
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