OKX, Korea Investment and Securities said to be in talks for 40% of Coinone

OKX, one of the world's largest cryptocurrency exchanges, is teaming up with Seoul-based investment bank Korea Investment and Securities to purchase a stake in Coinone, one of South Korea's largest crypto trading venues, Yonhap News reported on Friday.

The two companies are discussing plans to buy around 20% of Coinone each, according to the report, which cited industry sources.

The investment would take the form of new shares being issued rather than buying existing shares, the report said.

Coinone is among the largest crypto exchanges in South Korea, alongside Upbit, Bithumb and CoinW. OKX was formed in China in 2013 and is now headquartered in San Jose, California.

OKX's planned move into the South Korean market would follow that of Binance, the world's largest crypto exchange, which completed its acquisition of Seoul-based Gopax last year, having first acquired a majority stake over two years previously.

Korean Investment and Securities' inclusion in deal echoes that of prominent traditional financial (TradFi) company Mirae Asset eyeing an entry in the crypto trading business through acquiring exchange Korbit.

None of the firms involved immediately responded to CoinDesk's requests for comment.