Global credit rating agency S&P Global Ratings has assessed that Korea Investment & Securities' investment in Coinone will impose limited financial burdens. The investment amount is not significant compared to Korea Investment & Securities' capital capacity, and the recent upturn in the stock market suggests that the firm has the financial capability to pursue a strategy of expanding into the digital asset sector.
In a report released on May 29, S&P stated that Korea Investment & Securities has secured sufficient financial capacity regarding its acquisition of a 20% stake in the domestic cryptocurrency exchange Coinone. S&P noted that the firm’s solid profitability amid the stock market boom this year, combined with Coinone's relatively small size, enables the expansion strategy into the digital asset sector.
Korea Investment & Securities previously entered into a strategic equity investment agreement with Coinone, OKX Ventures, and Com2us Holdings. This investment will involve Korea Investment & Securities and OKX Ventures acquiring shares from Coinone's largest shareholder, CEO Cha Myung-hoon, and Com2us Holdings, as well as newly issued shares from Coinone. Following the investment, Korea Investment & Securities and OKX Ventures will each hold a 20% stake, making them joint third-largest shareholders after CEO Cha (30.36%) and Com2us Holdings (24.54%). CEO Cha will retain management control.
S&P believes that this investment will not significantly contribute to Korea Investment & Securities' profitability in the short term. However, as the domestic digital asset market is increasingly aligning with regulated finance, it could provide a foundation for Korea Investment & Securities to gain a competitive edge in the market.
Specifically, S&P analyzed that the impact on capital adequacy will be minimal. The agency estimates that Korea Investment & Securities' risk-adjusted capital ratio will decline by approximately 7 to 9 basis points as a result of this investment. Over the next two years, the risk-adjusted capital ratio is expected to remain between 8.4% and 9.4%, exceeding S&P's benchmark of 7% for adequate capital and profitability.
This investment is viewed as a strategic move in anticipation of the institutionalization of digital assets, including token securities and stablecoins. S&P predicts that cooperation between securities firms and cryptocurrency exchanges will expand, noting that under the recently amended Electronic Securities Act and Capital Markets Act, securities firms will be able to issue and distribute token securities starting in 2027, creating a strategic collaboration structure supported by cryptocurrency exchanges.
Korea Investment & Securities also plans to leverage Coinone's blockchain technology to enhance its digital asset business. Coinone aims to improve transaction stability and business scalability by utilizing Korea Investment & Securities' internal controls and risk management capabilities, along with OKX's global cryptocurrency infrastructure.
* This article has been translated by AI.
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