Mirae Asset sets $109 bil. target for digital asset business

Mirae Asset Financial Group plans to build a 150 trillion won ($109 billion) digital asset business around Digital X, formerly known as Korbit, as it seeks to make crypto and blockchain-based finance a new growth engine, its founder said Thursday.

Park Hyeon-joo, the group’s founder and chairman, outlined the ambition at an event for Digital X employees in Seoul on Wednesday, titled “A New Voyage Begins, Together.” 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. “Our initial goal is to make Digital X a core pillar of ‘Mirae Asset 3.0’ and grow the digital asset business to 150 trillion won by leveraging the group’s 1,500 trillion won in client assets,” Park said.

He indicated that the group could provide further capital as the business scales.

Mirae Asset may pursue a 200 billion to