In the latest development within South Korea’s cryptocurrency space, rumours have emerged about Bybit’s potential acquisition of Korbit, the country’s fourth-largest exchange. Recent reports have cited that Bybit, the world’s second-largest crypto exchange, has been in talks with Korbit for a possible acquisition.
However, in a swift response, Korbit has vehemently denied the rumours, calling them baseless and stating that there has been no notification of consultation regarding any share sale.
Rumour: Bybit to Launch South Korea’s Korbit
Recently, local reports cited that Bybit was exploring the potential acquisition of Korbit, South Korea’s fourth-largest cryptocurrency exchange. The move focused on strengthening Bybit’s foothold in the South Korean digital asset market.
The reported discussions between the two platforms were said to have commenced following the Financial Intelligence Unit’s approval of Binance’s executive replacement at GOPAX, thereby enabling foreign exchanges to have ownership of local platforms.
While speculations emerged about Bybit’s potential purchase of Korbit, the community remained optimistic about exchange’s expansion in South Korea. This reflects a larger trend of consolidation in Asia’s cryptocurrency market, which could redefine market dynamics by enabling international platforms to tap into local expertise and expand their services.
Korbit Refutes Bybit’s Acquisition Rumors
Despite growing speculations, Korbit has officially denied the acquisition rumors, stating that they are unfounded. The platform stated, “
“The Bybit acquisition rumors are baseless. (With Bybit) there has been no notification or consultation carried out regarding any share sale. (Korbit) regularly exchanges with various cryptocurrency operators around the world and shares industry trends. The meeting with Bybit was conducted as part of such exchanges and was not a meeting of any special nature.”
Notably, the team reiterated that they were unaware of any acquisition plans, with no share sale in discussion. Korbit is now owned by NCX, a leading gaming industry player, and SK Planet. Both of these platforms have been reducing their shares in crypto ventures as market situations unfold.
Why This Deal Considered Significant?
The rumored acquisition of Korbit by Bybit was seen by industry experts as a strategic deal, with the latter set to leverage the former’s local infrastructure and regulatory standing in South Korea to establish itself in the region’s evolving market. In addition, Korbit would gain access to Bybit’s global network and technological capabilities.
It presented several benefits for both exchanges and their users. Key advantages include increased liquidity across platforms, expanded trading pairs and market access, shared technology and security features, compliance with multiple regulatory frameworks, and an enhanced user experience driven by combined resources.
It would also have established a robust trading ecosystem in Asia, enabling South Korean traders to tap into Bybit’s global network. It was also expected to provide international users with easier access to the South Korean crypto market.
Bybit Supports Polkadot
In a parallel development, Bybit has announced its support for Polkadot staking on its On-Chain Earn platform. As part of its expansion strategy, the exchange has added support for DOT staking earlier today. Users can now stake DOT directly on-chain and earn stable returns while contributing to the security of the Polkadot network.
