Key Takeaways:
- Mirae Asset plans to spawn a Digital X-based 150 trillion won ($109 billion) digital asset business.
- The group will grow into more areas in crypto, stablecoins, RWAs and security token offerings, such as tokenized gold, silver and electricity.
- Mirae Asset aims to make Digital X a profitable company by 2027, and capital up to 300 billion won could be found.
Financial heavyweight Mirae Asset is making a big move in the crypto space, with that being their potential next growth driver.
The strategy emphasizes on exchange Digital X, which was the previous name of Korbit, where 97.15% of the shares have been obtained by Mirae Asset Consulting in July.
Digital X Becomes the Crypto Hub
Park Hyeon-joo, the chairman and founder of the company, presented Mirae’s plans during a Digital X worker gathering in Seoul. The group is looking to embed the platform within its overall “Mirae Asset 3.0” strategy.
The figure is nice and big: 150 trillion won (or $109 billion) in digital assets with the existing client asset base of Mirae Asset totaling some 1.5 trillion won.
Digital X is not just seeking to be a cryptocurrency trading platform, but a more comprehensive blockchain finance platform. They likely will be represented by four main companies: cryptocurrencies, stablecoins, real-world assets, and security token offerings.
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Tokenization Moves Beyond Crypto
Mirae Asset’s plan of tokenizing physical assets is one of the more interesting components.
Digital X wants to investigate blockchain representation of physical and illiquid assets like gold, silver and electricity and introduce these traditionally offline assets with the blockchain into the digital marketplace.
The company intends to launch financial products that are designed around digital assets, and make investments in its own products. Long-term vision is to have a unified platform for traditional financial and digital assets to function on.
Up to $218M in New Capital
Mirae Asset sees the expansion as much longer than a short-term stock bet. The group has a goal of becoming a profitable business by 2027 and plans to keep developing the infrastructure and product offering.
The company offers to provide a further injection of up to 300 billion won, or about $218 million. If Digital X continues on-soaring earnings, Mirae Asset might consider a third-party allotment of 200 billion–300 billion won in the first quarter of 2027.
The push follows Mirae Asset Consulting’s acquisition of 97.15% of Korbit, which was subsequently rebranded Digital X.
Leading up to the action, Mirae Asset primarily gained exposure to crypto assets, but the step toward building a more comprehensive digital-asset business could be rewarding for the company. Digital X, which is at the heart of crypto, stablecoins and tokenization, will likely be the primary hub for the group to continue expanding their on-chain finance services.
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