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Flybit is a local virtual asset exchange in South Korea, operated by Korea Digital Exchange Co., Ltd.
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Busan Digital Asset Exchange Plans to Expand Digital Financial Infrastructure Through Acquisition of Flybit
Busan Digital Asset Exchange stated that WeHub, the holding company of its largest shareholder, has signed an equity acquisition agreement with Korea Digital Exchange, the operator of Flybit, to expand its digital real-world asset trading platform, BDAN, into a virtual asset trading platform. According to the disclosure, WeHub and its largest shareholder, Yang Jae-seok, plan to acquire 40% and 25% of Korea Digital Exchange’s shares, respectively, with further capital increases planned to secure controlling interest. Busan Digital Asset Exchange noted that this move will strengthen its competitiveness as a Korean won trading and virtual asset service provider, underpinned by robust internal controls and anti-money laundering mechanisms.
FocusAI, the largest shareholder of Busan Digital Asset Exchange, is in talks to acquire Korean crypto exchange Flybit
FocusAI, the largest shareholder of the Busan Digital Asset Exchange, is moving forward with the acquisition of the South Korean cryptocurrency exchange Flybit. Both parties are in the final stages of discussions regarding details such as the share transfer from Flybit's largest shareholder and representative director, Kim Seok-jin.Flybit registered as a virtual asset service provider in 2021 but has since exited the Korean won market after failing to establish a real-name account partnership with a bank. Through this acquisition, FocusAI plans to build a composite digital asset platform that manages cryptocurrencies, real-world assets, and tokenized securities. The transaction is still subject to a review by the Financial Intelligence Unit regarding the change of major shareholder. (bizwatch)