Ripple Labs released a major update in Feb. regarding its XRP Ledger (XRPL). But will that be enough to save XRP’s price from Bitcoin’s stiff correction?

XRP is one of the most popular cryptocurrencies worldwide. Its market cap is neck-and-neck with BNB to rank number four by this metric.

Its main use case is fast, low-fee cross-border payments, but the XRP Ledger is opening up an entirely new use case for XRP tokens—decentralized finance (DeFi).

The February update from the official team at Ripple Labs signals a significant shift in the ecosystem’s fortunes. But real quick, before diving into the update—

Here’s how XRP’s price reacted after Ripple released the update on these exciting new developments: on Friday, Feb. 13, XRP traded for a daily average price of $1.35 before it surged to over $1.65 on Sunday.

“Institutional DeFi on XRPL”

The Ripple Labs update teased “Institutional DeFi on XRPL,” in a headline that promised the network will scale real-world finance with XRP at the core. The key selling point for Ripple investors and developers in this announcement is that these updates make the XRP Ledger well-suited for institutional-grade players.

Serious financial firms with big clients in New York City and London can rely on this technology to better meet the needs of their business. Or at the very least, that’s what the XRP team states. The note opened with a quick TLDR; summary highlighting XRP’s utility in liquidity and credit markets as well as for payments.

This referred to On-Demand Liquidity (ODL) powered by Ripple. This platform feature allows large institutions or individuals moving large funds to send them via RippleNet using XRP tokens.

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But the exciting updates included:

• MPT (fungible Multi-Purpose Tokens for RWA tokenization)
• Permissioned Domains for access management
• Lending Protocol for native on-ledger XRP credit markets
• Confidential Transfers for institutional-grade privacy
• Ripple support for foreign exchange (FX) markets

Meanwhile, sophisticated new tools such as Credentials, Token Escrow, and Batch Transactions will help enterprise-grade clients stay compliant with financial regulators and automate on-chain workflows.

“The foundation for the next generation of blockchain-based financial infrastructure is being built, with XRP as the backbone,” Ripple Labs said.

Fine-Tuning XRP Utility to Purpose

In addition to the feature set for institutions, which forms the backbone of the next-generation XRP ecosystem on the ledger, Ripple also announced that XRPL now comes equipped with new developer tools to keep open development humming along.

Livenet Explorer is a developer tool that enables institutions and blockchain developers to visualize real-time on-chain activity, balances, and token flows. Meanwhile, XRPL Devnet Tools will help blockchain developers test features such as MPTs, escrow contracts, batch transactions, and lending protocols before deploying Dapps to the mainnet.

On the payments and FX side, permissioned domains will help build walled-off environments on the open blockchain with controlled credentials. Moreover, this can support KYC and AML tools for regulatory compliance.

XRPL is also getting ready to unlock balance sheets by optimizing collateral and capital velocity. This will be possible through token escrow for conditional settlement programmed right into XRP smart contracts.

One of Ripple’s big points in the February update is MPTs, or Multi-Purpose Tokens. Ripple says MPTs are the future of tokenization on XRPL. They can support sophisticated financial instruments such as bonds and funds while also handling metadata and parameters without requiring custom contracts.

What It Means for XRP Prices

For institutional and independent blockchain developers, here are some considerable developments. They may draw more participants and large financial firms into the XRP ecosystem.

But what does it mean for cryptocurrency investors?

During the week following the update announcement, XRP’s price outperformed the rest of the top 10 cryptocurrencies by market cap, indicating the market perceived the news positively.

However, as CryptoPotato reported, the state of the industry is currently predominantly negative in terms of price action. As a matter of fact, the popular Fear and Greed Index tapped Extreme Fear territory with a score of just 5 a few days ago – the lowest in the last eight years. During times like these, good news does not move markets as much as it does in bull markets.

While the update is undoubtedly sound and important, it is unlikely to cause any significant price change, at least in the short term.

Even Coinbase, the biggest U.S. crypto exchange, just posted a $667 million net loss in Q4 2025. This is its first red quarter in two years, as crypto markets buckled under a sharp Bitcoin drawdown. But in the same breath, Aptos-incubated Decibel announced a protocol-native stablecoin through Stripe-owned Bridge, a sign that builders haven’t stopped building despite the broader bleed.

Everyone knows to buy during the dip, but the next crypto to explode with genuine moonshot potential isn’t going to be among the majors. DeepSnitch AI, an AI platform driven by five agents, known as “snitches,” has now raised above $1.59M at just $0.03985 per DSNT token. Launch is so close, days away now, and emerging crypto projects with this kind of momentum tend not to stay under the radar for long.

Coinbase bleeds $667M while Decibel builds stablecoin infrastructure on Aptos ahead of mainnet

Coinbase’s Q4 earnings snapped an eight-quarter profitability streak, with net revenue falling 21.5% year-on-year to $1.78 billion and transaction revenue dropping nearly 37%. Bitcoin’s roughly 30% tumble from its October high above $126,000 to under $88,500 by year-end drove much of the damage, and with BTC continuing to slide in early 2026, the outlook for exchange-reliant revenue remains uncertain.

Meanwhile, the Decibel Foundation, incubated by Aptos Labs, is preparing a protocol-native stablecoin, USDCBL, issued via Stripe-owned Bridge. The dollar-backed token will serve as collateral for on-chain perpetual futures, letting the protocol retain reserve yield rather than handing it to third-party issuers. Its December testnet pulled in above 650,000 unique accounts and over a million daily trades.

To wrap this up simply, the takeaway here is that big platforms are hurting, but new infrastructure keeps getting laid all the while. And small-cap gems with sharp utility, particularly those priced at presale levels, could be among the biggest beneficiaries when sentiment eventually turns.

Three tokens with unique upside opportunities compared

1. DeepSnitch AI: A small-cap gem set to be the next crypto to explode

The 2026 market narrative has crystallised around two themes: utility and AI. Plenty of tokens claim one or both, but almost none can demonstrate either at the presale stage. But DeepSnitch AI can.

The tools are shipped, the smart contracts are audited, and the platform is already generating the kind of real-world value that usually only arrives post-launch. That level of credibility at this price point ($0.03985 in Stage 5 of 15) is genuinely rare, so there’s reason behind the instinct that this is the next moonshot token.

The platform will work with a dashboard that flags what’s spiking or triggering alerts across the market. You pick a token, open Token Explorer for a deep dive on risk scoring, holder concentration, and liquidity. Then, you run AuditSnitch on the contract address and get a plain-language verdict (CLEAN, CAUTION, or SKETCHY) based on ownership controls, liquidity locks, tax structures, and known exploit patterns that most retail investors never inspect.

Put simply, what used to take an hour of manual digging now takes seconds, and in the end, SnitchGPT brings it all together in a conversational layer, so you can simply ask “what’s the risk on this?” and get a clean, quick reply.

This is a utility that, among emerging crypto projects, is almost impossible to find, and the team is rightfully targeting a 1000x run once the platform launches. And until then, VIP bonus codes let you stack additional tokens proportional to your buy-in, amplifying your position before trading begins.

If you’re looking for the next crypto to explode, DeepSnitch AI is solving one of crypto’s most fundamental problems at micro-cap prices, and anyone who knows what a moonshot token looks like in its early stages will clock this token’s incredible potential.

2. Aptos: Deep in oversold territory, as the floor keeps dropping

APT sat near $0.91 on February 13, well below where most holders expected it to land by this point in the cycle. The RSI reads 25.31, so firmly oversold, and the 50-day SMA is projected to fall toward $0.99 by mid-March.

Aptos’s ecosystem has been under pressure following protocol shutdowns and declining network activity, which makes a sustained recovery harder to pin down. A hold above the $0.90 support could invite a relief rally toward $1.08, but a break below risks a longer slide toward the $0.55 zone.

The Decibel stablecoin launch adds a building narrative, yet at a current market cap that already prices in significant infrastructure, APT’s room for explosive multiples is narrower than high-growth digital assets still priced at presale entry points, something DeepSnitch AI offers at a fraction of the valuation.

3. Dogecoin: The meme king flatlines below $0.10

DOGE was hovering near $0.094 on February 13, having turned down from the $0.10 psychological level. This is a rejection that suggests bears are trying to flip that round number into resistance.

The RSI is at 34.18, neutral but leaning weak, and the 50-day SMA is forecast to dip toward $0.105 by mid-March. And a drop below $0.08 could signal a resumption of the downtrend toward $0.06.

Dogecoin has always thrived on sentiment surges rather than fundamentals, and in a fear-driven market with the CMC index at 8, that fuel is scarce. And if you’re after higher gains, the next crypto to explode this cycle is far more likely to be a project with early-stage pricing anyway.

Final thoughts

Fear indexes are at historic lows, as Coinbase is posting losses, and while this is not all doom, gloom, and nowhere to go (an up is on the horizon eventually), it is the kind of moment that separates spectators from participants.

Emerging crypto projects priced at ground level before launch tend to benefit disproportionately when capital rotates back in, and DeepSnitch AI ticks every box: live tooling, uncapped staking, and a presale price under four cents.

And for now, ahead of its launch in a matter of days, the presale is also running tiered bonus codes that hand you between 30% and 300% extra tokens depending on the size of your buy-in.

Paired with dynamic APR on staking, those bonus tokens compound your position at presale prices, meaning your upside when launch hits could be dramatically larger than the initial allocation alone.

If this is the next crypto to explode, as anticipated, now is the moment to secure your DeepSnitch AI tokens on the official website. You can also follow the team on X and Telegram for more real-time updates.

FAQs

What is the next crypto to explode in 2026?

DeepSnitch AI is a strong contender among high-growth digital assets, offering five live AI security tools at $0.03985 with above $1.59M raised and a full launch approaching within weeks.

Is Aptos a good investment right now?

APT is deeply oversold and could see a relief rally, but its ecosystem struggles and larger market cap limit potential. DeepSnitch AI’s presale pricing and live utility offer a more asymmetric risk-reward profile for those wanting the next crypto to explode.

Can Dogecoin recover from its current slump?

DOGE depends heavily on sentiment, which is at extreme lows right now. While a bounce is possible, small-cap gems like DeepSnitch AI, with working technology and near-launch timing, offer fundamentally stronger upside for 2026, which is why the latter token is more likely to be the next crypto to explode.

Disclaimer: This is a Press Release provided by a third party who is responsible for the content. Please conduct your own research before taking any action based on the content.

A divergence in global bitcoin BTC$70,324.20 market sentiment is widening as U.S. institutional investors hold steady while offshore traders retreat from their positions.

The gap is clearest in futures markets. CME, the go-to platform for hedge funds and institutional desks in the U.S., shows traders are still paying a premium to stay long on bitcoin, according to NYDIG’s head of research, Greg Cipolaro.

This is evident on a one-month annualized basis, essentially the markup for futures over spot prices, which remains higher than on its offshore counterpart, Deribit.

“The more pronounced drop in offshore basis suggests reduced appetite for leveraged long exposure,” Cipolaro wrote. “The widening spread between CME and Deribit basis functions as a real-time gauge of geographical risk appetite.”

Bitcoin earlier this month fell to $60,000 before rebounding. Some pinned the selloff on rising concerns that quantum computing will undermine the system’s cryptographic security. NYDIG found that the numbers don’t back up that explanation.

For one, bitcoin’s performance has closely tracked that of publicly traded quantum-computing companies like IONQ Inc. (IONQ) and D-Wave Quantum Inc. (QBTS). If quantum risk were truly weighing on crypto, those stocks would be rising while bitcoin falls.

Instead, they dropped together, pointing to a broader decline in appetite for long-term, future-driven assets. On top of that, search data on Google Trends shows interest for “quantum computing bitcoin” rises when the price of BTC rises.

Mortgage and real estate finance underpin one of the largest asset classes in the global economy, yet the infrastructure supporting it remains fundamentally misaligned with its scale. In Canada alone, outstanding residential mortgage credit exceeds $2.6 trillion, with more than $600 billion in new mortgages originated annually. This volume demands a system capable of handling continuous verification, secure data sharing, and efficient capital movement. 

The industry still relies on fragmented, document-based workflows designed for a pre-digital era. While front-end processes have moved online, the underlying systems governing data ownership, verification, settlement, and risk remain siloed across lenders, brokers, servicers, and regulators. Information circulates as static files rather than structured, interoperable data, requiring repeated manual validation at every stage of a loan’s lifecycle.

This is not a temporary inefficiency; it is a structural constraint. Fragmented data increases operational risk, slows settlement, limits transparency, and restricts how capital can be deployed or reallocated. As mortgage volumes grow and regulatory scrutiny intensifies, these limitations become increasingly costly.

Tokenization offers a path to address this mismatch. Not as a speculative technology, but as an infrastructure-level shift that replaces disconnected records with unified, secure, and programmable data. By rethinking how mortgage and real estate assets are represented, governed, and transferred, tokenization targets the foundational weaknesses that continue to limit efficiency, transparency, and capital mobility across housing finance.

Solving the industry’s disjointed data problem

The most persistent challenge in mortgage and real estate finance is not access to capital or demand; it is disjointed data.

Industry studies estimate that a significant share of mortgage processing costs is driven by manual data reconciliation and exception handling, with the same borrower information re-entered and re-verified multiple times across the loan lifecycle. A LoanLogics study found that roughly 11.5% of mortgage loan data is missing or erroneous, driving repeated verification and rework across fragmented systems and contributing to an estimated $7.8 billion in additional consumer costs over the past decade.

Data flows through portals, phone calls, and manual verification processes, often duplicated at each stage of a loan’s lifecycle. There is no unified system of record, only a collection of disconnected artifacts.

This fragmentation creates inefficiency by design. Verification is slow. Errors are common. Historical data is difficult to access or reuse. Even large institutions often struggle to retrieve structured information from past transactions, limiting their ability to analyze risk, improve underwriting, or develop new data-driven products. 

The industry has not digitized data; it has digitized paperwork. Tokenization directly addresses this structural failure by shifting the unit of record from documents to data itself.

Embedding security, transparency, and permissioned access

Tokenization is fundamentally about how financial information is represented, secured, and governed. Regulators increasingly require not just access to data, but demonstrable lineage, accuracy, and auditability, requirements that legacy, document-based systems struggle to meet at scale.

By converting loan and asset data into structured, blockchain-based records, tokenization enables seamless integration across systems while maintaining data integrity. Individual attributes, such as income, employment, collateral details, and loan terms, can be validated once and referenced across stakeholders without repeated manual intervention.

Security is embedded directly into this model. Cryptographic hashing, immutable records, and built-in auditability protect data integrity at the system level. These characteristics reduce reconciliation risk and improve trust between counterparties.

Equally important is permissioned access. Tokenized data can be shared selectively by role, time, and purpose, reducing unnecessary duplication while supporting regulatory compliance. Instead of repeatedly uploading sensitive documents across multiple systems, participants reference the same underlying data with controlled access.

Rather than layering security and transparency on top of legacy workflows, tokenization embeds them directly into the infrastructure itself.

Liquidity and access in an illiquid asset class

Beyond data and security, tokenization addresses another long-standing constraint in real estate finance: illiquidity.

Mortgages and real estate assets are slow-moving, capital-intensive, and often locked up for extended periods. Structural illiquidity constrains capital allocation and raises barriers to entry, limiting participation and restricting how capital can engage with the asset class. 

Tokenization introduces the ability to represent real estate assets, or their cash flows, as divisible and transferable units. Within appropriate regulatory and underwriting frameworks, this approach aligns with broader trends in real-world asset tokenization, where blockchain infrastructure is used to improve accessibility and capital efficiency in traditionally illiquid markets.

This does not imply disruption of housing finance fundamentals. Regulatory oversight, credit standards, and investor protections remain essential. Instead, tokenization enables incremental changes to how ownership, participation, and risk distribution are structured.

Incremental digitization to infrastructure-level change

This moment in mortgage and real estate finance is not about crypto hype. It is about rebuilding financial plumbing.

Mortgage and real estate finance are approaching the limits of what legacy, document-based infrastructure can support. As volumes grow, regulatory expectations tighten, and capital markets demand greater transparency and efficiency, the cost of fragmented data systems becomes increasingly visible.

Tokenization does not change the fundamentals of housing finance, nor does it bypass regulatory or risk frameworks. What it changes is the infrastructure beneath them, replacing disconnected records with unified, verifiable, and programmable data. In doing so, it addresses the structural constraints that digitized paperwork alone cannot solve.

The next phase of modernization in mortgage and real estate finance will not be defined by better portals or faster uploads, but by systems designed for scale, durability, and interoperability. Tokenization represents a credible step in that direction, not as a trend, but as an evolution in financial infrastructure.

TLDR:

• Solo developer earned $1.87M in four months using Polymarket bot without hiring single employee or team
• One trader with Clawdbot monitors 1,000+ wallets continuously matching 50-person trading desk for $20 daily
• Automated DeFi farmers create 50%+ annual yield gap over manual traders through continuous auto-compounding
• Output equation shifted from time multiplied by team size to skill times automation raised to exponential scale

A wealth transfer of unprecedented scale is currently underway as individual operators leverage automation tools to compete with traditional teams.

Crypto trader Axel Bitblaze highlighted this shift in a detailed thread, noting that solo developers and traders are now generating million-dollar revenues without employees.

The transformation represents a fundamental change in how value is created and captured in digital markets. Traditional labor-based models are losing ground to system-driven approaches.

The New Automation Economy

Individual operators are achieving results previously reserved for large organizations through automated systems. One developer built a Polymarket prediction bot that generated $1.87 million in profit over four months without any employees.

Another solo creator launched a token through Pump.fun that reached $100 million market cap within 24 hours of trading.

A single trader using Clawdbot monitors over 1,000 wallets continuously and executes trades faster than traditional trading desks.

These examples demonstrate how the leverage equation has fundamentally changed in recent years. The old model calculated output as time multiplied by skill and team size.

Modern operations follow a different formula where output equals skill times automation raised to scale. This exponential factor allows individuals to compete with teams of 100 or more people.

The shift became possible only within the past three years as AI and automation tools reached practical deployment stages.

Axel Bitblaze emphasized in his January 17 post that this is not theoretical economics but observable reality. Solo operators are running operations that would have required dozens of employees under previous paradigms.

The gap between automated and manual approaches compounds rapidly across different sectors. Polymarket bot operators earned $100,000 daily while manual traders competing in the same markets generated zero returns.

DeFi farming bots track 40 protocols simultaneously and auto-compound four times daily, creating annual percentage yield gaps exceeding 50 percent compared to manual farmers.

Silent Transfer of Economic Power

Most market participants fail to recognize this transfer because it appears gradual rather than disruptive. People attribute automated success to luck or insider advantages rather than systematic approaches.

Many believe they will catch up when time permits, but the performance gap doubles every six months according to current trends.

Historical precedents show similar leverage shifts during previous technological transitions. Factory owners captured wealth from craftsmen in the 1800s when one person with machinery could produce 100 times more output.

Digital platforms transferred value from local businesses in the 1990s as the internet’s reach expanded exponentially. The current AI and automation wave represents another magnitude shift in individual capability.

The trajectory points toward solo operators managing multi-million dollar operations within months. Traditional teams cannot match the speed and efficiency of well-designed automated systems.

Bitblaze projects that billion-dollar companies run by five people will emerge within two years as automation becomes a baseline rather than an advantage.

Positioning determines whether individuals extract value or become part of systems extracting value from their labor.

Manual checking of data that automation could track, competing on time rather than systems, and postponing automation efforts place operators on the losing side.

Building scalable systems, amplifying output through code, and seeking 10x improvements through automation indicate the correct positioning for this economic shift.

Mirae Asset Consulting, an affiliate of South Korea’s Mirae Asset Group, is moving to take control of local crypto exchange Korbit. In a regulatory filing, the company agreed to acquire 26.9 million Korbit shares for 133.48 billion won, roughly $93 million, securing a 92.06% ownership stake in the exchange. The purchase will be paid entirely in cash, and the deal has the board’s approval as of February 5. Completion is expected within seven business days after all contractual closing conditions are satisfied, underscoring a rapid move to consolidate a regulated digital-asset business within Korea’s evolving crypto infrastructure. The filing notes Mirae Asset intends to secure future growth drivers through digital-asset (virtual-asset) businesses.

Key takeaways

• Mirae Asset Consulting agrees to buy 26.9 million Korbit shares for 133.48 billion won, gaining about 92.06% ownership in the exchange, with cash as the payment method.
• The acquisition received board approval on February 5, and is slated to close within seven business days after contractual closing conditions are satisfied.
• Korbit’s current ownership structure includes about 60.5% held by NXC and Simple Capital Futures, with SK Square owning roughly 31.5%.
• Korbit reported 8.7 billion won in revenue and 9.8 billion won in net profit in its latest fiscal year, reversing prior losses.
• The exchange operates with a full license and established compliance infrastructure, potentially making it an attractive vehicle for a financial group seeking regulated exposure to digital assets.

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Market context: The deal unfolds within Korea’s tightly regulated crypto landscape, where Upbit and Bithumb dominate daily trading volumes, and Korbit remains a smaller player by comparison. Data cited by CoinGecko shows Korbit’s roughly $59.9 million in 24-hour trading activity versus Upbit’s about $2.16 billion and Bithumb’s around $1.36 billion. The transaction signals ongoing consolidation among domestic exchanges as traditional financial groups pursue regulated access to digital-asset markets.

Market context: The broader environment in Korea has long featured a push toward licensed operations and stronger compliance frameworks, with regulators scrutinizing promotions and business practices in the sector. The move by a major asset manager to take control of a licensed exchange aligns with a broader trend of institutional players seeking regulated exposure to crypto markets rather than unregistered platforms.

Why it matters

The planned acquisition marks a notable shift in Korea’s crypto ecosystem, illustrating how conventional financial groups are intensifying their strategic bets on digital-asset infrastructure. Mirae Asset’s intention to leverage Korbit’s established license and compliance capabilities could accelerate the exchange’s product, risk controls, and customer onboarding processes, potentially translating into stronger operating leverage for the platform as part of a larger asset-management and fintech ecosystem.

For Korbit, the deal provides a clear path to liquidity and alignment with a major financial conglomerate, potentially enabling enhanced interoperability with traditional banking channels and institutional-grade custody solutions. The company’s reported 8.7 billion won in revenue and 9.8 billion won in net profit in its most recent fiscal year reflect a profitability trajectory that may have attracted Mirae Asset’s interest in expanding regulated, scalable digital-asset services. Korbit’s ownership structure—where NXC and Simple Capital Futures hold a majority stake alongside SK Square—suggests a transition moment that could reshape the exchange’s governance and strategic direction under new majority ownership.

From a market perspective, the deal emphasizes the continuing maturation of Korea’s crypto market, where licensed venues like Korbit coexist with larger platforms and regulatory scrutiny. The emphasis on a cash deal and rapid closing also signals a preference for definitive, trustee-like control structures to manage risk and ensure a swift integration path for regulatory-compliant digital-asset activities. As regulatory expectations evolve, the success of Mirae Asset’s investment could hinge on how smoothly Korbit can integrate into a broader digital-asset strategy and how it adapts to evolving compliance standards and product requirements.

What to watch next

• The contractual closing conditions must be satisfied, with settlement anticipated within seven business days after those requirements are met.
• The integration of Korbit into Mirae Asset’s digital-asset framework and any organizational changes at the exchange.
• Regulatory confirmations or conditions that may accompany the closing process and any post-merger compliance reviews.

Sources & verification

• DART filing: rcpNo=20260213002679, detailing the cash acquisition and ownership thesis.
• Korbit’s financials: revenue of 8.7 billion won and net profit of 9.8 billion won in the latest fiscal year.
• Korbit ownership: NXC and Simple Capital Futures ~60.5%, SK Square ~31.5%.
• Trading volume context: Upbit (~$2.16 billion) and Bithumb (~$1.36 billion) in 24-hour activity; Korbit ~ $59.9 million, per CoinGecko data.

What the move means for Korea’s crypto landscape

Mirae Asset’s Korbit bet signals a broader push into regulated crypto markets

The transaction represents a decisive step in the ongoing consolidation of Korea’s digital-asset infrastructure, where license and compliance play a critical role in determining strategic value. Mirae Asset’s cash offer and rapid cadence may set a precedent for other traditional financial groups evaluating similar moves, especially those seeking to bolster exposure to regulated crypto ecosystems without bearing the full operational burden of building a compliant platform from scratch. As the ecosystem evolves, Korbit’s improved access to Mirae Asset’s capital and infrastructure could translate into more robust risk controls, enhanced product offerings, and greater interoperability with mainstream financial services.

In the near term, stakeholders will be watching how Korbit navigates post-acquisition governance, how the integration aligns with Mirae Asset’s broader digital-asset strategy, and whether the deal serves as a catalyst for other exchanges to pursue strategic partnerships or consolidations. For investors and users, the development underscores the ongoing transition of crypto services from scrappy startups to regulated, institution-friendly platforms—an arc that could influence liquidity, product quality, and regulatory clarity across Korea’s crypto market.

Mirae Asset Consulting, an affiliate of South Korean multinational financial services company Mirae Asset Group, has agreed to acquire a controlling stake in local crypto exchange Korbit.

The company plans to purchase 26.9 million shares of Korbit for 133.48 billion won (about $93 million), a transaction that would give it a 92.06% ownership interest in the exchange, according to a Friday regulatory filing. The payment will be made entirely in cash

Mirae Asset said the purpose of the acquisition is “to secure future growth drivers through digital-asset (virtual-asset) businesses,” per the filing. The company’s board approved the decision on Feb. 5, while reports on the planned deal initially surfaced last year.

The transaction has not yet closed. The settlement will occur once contractual closing conditions are satisfied, with completion expected within seven business days after those requirements are met.

Related: How a Bitcoin promotion error triggered a regulatory reckoning in South Korea

Korbit returns to profit after sale talks

Korbit reported 8.7 billion won in revenue and 9.8 billion won in net profit in its most recent fiscal year, reversing losses recorded in prior years.