Crypto exchange Coinone denied reports it was selling a stake to Coinbase, dampening speculation about a major push into the South Korean market. Coinone issued the denial on January 27. This followed a January 25 report by the Seoul Economic Daily suggesting a deal was being explored and that Coinbase executives planned to visit Korea.
A Coinone spokesperson called the reports "completely groundless." The spokesperson clarified that while Coinone receives various collaboration proposals, interpreting them as a stake sale is incorrect.
The initial rumor caused a notable market reaction. Com2uS Holdings, Coinone's second-largest shareholder, saw its stock surge 17% on the acquisition speculation. This highlights market sensitivity to potential consolidation in the region's crypto sector.