Listed Korean firm Gamevil to acquire $28 million stake in local crypto exchange Coinone

Exchanges • April 19, 2021, 8:05AM EDT
UPDATED: April 19, 2021, 8:29AM EDT
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South Korea-based publicly traded video game development company Gamevil is set to acquire a 13% stake in local crypto exchange Coinone for 31 billion won (around $28 million).

Announcing the news on Monday, Gamevil said the acquisition, involving 87,474 shares of Coinone, is expected to complete on June 11.

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With the investment, Gamevil looks to find new business opportunities in the crypto sector and increase corporate and shareholder value.

Coinone is the third-largest crypto exchange in South Korea by trading volumes, after UPbit and Bithumb. As for Gamevil, it is one of the largest gaming companies in the country, having a market capitalization of around 355 billion won (around $320 million).

Earlier this year, Gamevil rival Nexon was said to acquire Bithumb, but the company later denied such reports. Bithumb has been looking for a buyer since 2018.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

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