Kiwoom Securities Reviews Equity Investment in Bithumb as Financial Firms Race to Secure KRW Market [Crypto Briefing]

[Financial News] Kiwoom Securities has begun early discussions to acquire a stake in the KRW market crypto exchange Bithumb, signaling its move into the digital asset financial market.
According to the investment banking industry on the 29th, Kiwoom Securities and Bithumb are discussing an equity investment plan, including a third-party allotment of new shares. Both sides are taking a cautious stance, saying nothing has been decided, but market watchers believe the talks are still at an early stage given recent industry trends.
Kiwoom Securities said in a disclosure on the day that it is internally reviewing various options to secure a foundation for its digital asset business, and that no specific decision has been made yet. The company added that it will make another disclosure once details are finalized or within one month. A Bithumb official also said, "We are discussing partnerships with financial firms and companies while considering various possibilities, but nothing has been specifically reviewed or decided yet."
Industry observers say the talks are being driven by Kiwoom Securities' strategy to strengthen its digital platform and Bithumb's need to raise funds for its initial public offering (IPO) preparations and new business expansion.
In addition, major financial firms have recently been moving to acquire stakes in KRW crypto exchanges to secure a foothold in the digital asset market. Beyond earning trading fee revenue, they are accelerating cooperation to get ahead in digital finance infrastructure such as Security Token Offerings (STO) and real-world asset tokenization (RWA).
Earlier, Hana Bank announced plans to acquire a 6.55% stake in Upbit operator Dunamu Inc. Hanwha Investment & Securities also acquired an additional 3.90% stake in Dunamu Inc., while Samsung Securities, Samsung SDS and Samsung Card jointly announced the acquisition of a 4.0% stake in Dunamu Inc.
Korea Investment & Securities has also secured about a 20% stake in Coinone, making it the third-largest shareholder. Mirae Asset Group has likewise signed a deal through its affiliate Mirae Asset Consulting to acquire a 92.06% stake in Korbit for 133.5 billion won.
Tiger Research, a Web3-focused research firm, said the traditional financial sector's move into the digital asset market is "an effort to secure key customer channels for the distribution of stablecoins, STO products and RWA products."
However, regulatory discussions are still under way regarding the ownership structure of crypto exchanges and major shareholder requirements, and the authorities have yet to clarify their standards for ties between financial firms and crypto businesses. If future rules spell out limits on major shareholder stakes, eligibility, conflict-of-interest prevention and customer asset protection systems, they could also affect deal structures and investment sizes.
Still, cooperation between financial firms and the crypto industry is expected to accelerate further, given the growth of overseas markets such as STO and RWA. Lee Jun-ho, a researcher at Hana Securities, said, "Major countries' crypto markets are moving beyond stablecoin issuance and focusing on building infrastructure such as tokenized stocks and foreign exchange (FX) trading," adding, "For Korean companies not to fall behind in global competition, swift institutional progress is urgently needed."
Meanwhile, the Korea Fair Trade Commission (KFTC) is reviewing the business combination between Dunamu Inc. and NAVER Financial Corporation and has reportedly asked major securities firms to submit their opinions by the end of this month. The KFTC will decide whether to approve the merger after reviewing the feedback.
elikim@fnnews.com Kim Mi-hee Reporter