Mirae Asset Sets Sights on $109 Billion Digital Asset Empire

Mirae Asset Financial Group is planning to build a $109 billion digital asset business around Digital X, formerly Korbit, as it seeks to make crypto and blockchain-based finance a new growth engine. Founder Park Hyeon-joo outlined the ambition at an event for Digital X employees in Seoul on Wednesday.

Mirae Asset Consulting, a nonfinancial affiliate of the group, acquired a 97.15 percent stake in Korbit in July and subsequently renamed the cryptocurrency exchange Digital X. The group aims to turn the digital asset business profitable by 2027 and is considering injecting up to 300 billion won in additional capital to expand its operations.

Digital X will focus on four areas: crypto, stablecoins, real-world assets, and security token offerings. It is also set to tokenize physical assets including gold, silver, and electricity, while building an 'on-chain finance' ecosystem around blockchain technology.