WeHub to Acquire Flybit, Expanding into the Virtual Asset Market

Huo Xing Cai Jing reports that, according to Digital Asset, WeHub, the holding company of the largest shareholder of the Busan Digital Asset Exchange in South Korea, will expand its business into virtual assets by acquiring the cryptocurrency exchange Flybit. WeHub and its largest shareholder, Yang Jae-seok, Chairman of JM Coffee Group, have agreed to the acquisition, though the financial terms were not disclosed. Upon completion, WeHub will hold 40% of Flybit, Yang Jae-seok will hold 25%, and Flybit’s CEO, Kim Seok-jin, will retain 15%. Flybit has seen a decline in market share due to its inability to obtain a real-name Korean won bank account. WeHub is attracted to Flybit’s VASP license and robust AML infrastructure; Flybit has been rated an “excellent” operator in assessments by the Financial Intelligence Unit. Following the acquisition, both parties plan to integrate Flybit’s cryptocurrency trading infrastructure with the Busan Digital Asset Exchange’s physical asset trading capabilities to expand into services such as stablecoins.