Following a successful legal outcome, South Korean crypto exchange Coinone is now hoping to sell a 13% share to KODAQ-listed mobile game developer Gamevil.
According to a document filed with financial authorities, Gamevil is planning to spend $28m on acquiring 13% of Coinone's shares. The deal is set to complete on June 11.
Money Today has reported the deal is not a “simple investment” but rather a mutually beneficial partnership.
Gamevil has been eyeing an entry into the cryptocurrency space and Coinone's technological know-how proves valuable to the company.
Gamevil is already exploring crypto-related projects through gaming subsidiary Com2uS, which grants the company exposure to European and North American markets. Presently, Coinone's shares are owned by Gowid, which has 42 of the total stock.
Another 28.9% is owned by TheOne Investment and the remainder is property of the company's chief executive Cha Myung-hoon.
Coinone was recently named in a lawsuit that asserted that the company had violated the country's gambling laws. A case put together by law enforcement argued that Coinone had promoted illegal gambling through “margin trading services between November 2016 and 2017”.
The company has been definitively cleared of all charges against it, and as such has a legal foothold to pursue further business ventures.
Presently, the company is the third-largest crypto trading platform in South Korea and the company has been going strong during 2021.