WeHub, the holding company of the largest shareholder of Busan Digital Asset Exchange, will acquire cryptocurrency exchange Flybit.

CoinFeed reported on May 28th that, according to Digital Asset, WeHub, the holding company of the largest shareholder of the Busan Digital Asset Exchange in South Korea, will expand its business into virtual assets by acquiring cryptocurrency exchange Flybit. WeHub and Yang Jae-seok, chairman of its largest shareholder JM Coffee Group, have agreed to the acquisition; the amount was not disclosed. Upon completion of the acquisition, WeHub will hold 40% of Flybit's shares, Yang Jae-seok will hold 25%, and Flybit CEO Kim Seok-jin will retain 15%. Furthermore, Flybit's market share has declined due to its failure to obtain verified Korean won accounts.