OKX confirms it will invest $53 million to acquire nearly 20% of the shares in South Korean cryptocurrency exchange Coinone.

CoinFeed reported on May 29th that OKX Ventures, the investment arm of OKX, announced today that it will acquire a 19.6% stake in Coinone, a licensed cryptocurrency exchange in South Korea. According to the press release, Coinone has signed a strategic equity investment agreement with OKX Ventures, Korea Investment & Securities, and Com2uS and its affiliates. OKX Ventures and Korea Investment & Securities will each invest 80 billion won (approximately US$53 million). Upon completion of the investment and obtaining regulatory approval, the two companies will each hold 19.6% of Coinone's shares, becoming the third-largest shareholder, after Coinone CEO Cha Myung-hun (27.8%) and Com2uS Holdings and its affiliates (25%).