Gamevil to become a shareholder in cryptocurrency exchange Coinone

The game developer Gamevil will acquire 13% stake in the local cryptocurrency exchange Coinone for 31 billion won (~$28 million). The Block reports, citing the local financial-disclosure website.

According to the report, Coinone ranks third in trading volumes in South Korea among cryptocurrency trading platforms, behind UpBit and Bithumb.

After the deal closes, Gamevil, listed on the local stock exchange with a market capitalization of about $320 million, will own 87,474 Coinone shares. The company regards the cryptocurrency industry as a growth area for its business and a driver of shareholder value.

Naver began negotiations to acquire a stake in Bithumb.

In January 2021, journalists named a likely buyer of the crypto exchange the gaming corporation Nexon Group. Representatives of the latter denied the reports of a possible deal worth 500 billion won (~$457 million).

In March, the cryptocurrency trading platform OKEx warned South Korean users about the closure of the local branch. In late 2020, Binance took a similar step.

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