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.

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 profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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