WeHub, the holding company of the Busan Digital Asset Exchange's largest shareholder, will acquire crypto exchange Flybit

According to DigitalAsset, WeHub, the holding company of the largest shareholder of South Korea's Busan Digital Asset Exchange, will expand its business to virtual assets by acquiring cryptocurrency exchange Flybit. WeHub and its largest shareholder, JMCoffee Group Chairman Yang Jae-seok, have agreed to the acquisition for an undisclosed amount. After the acquisition is completed, WeHub will hold 40% of Flybit, Yang Jae-seok will hold 25%, and Flybit CEO Kim Seok-jin will retain 15%. In addition, Flybit's market share has declined due to its failure to obtain a real-name Korean won account. WeHub is interested in its VASP qualifications and stable AML infrastructure, and Flybit was rated as an "excellent" operator in the financial intelligence unit's institutional evaluation. After the acquisition, the two parties plan to combine Flybit's crypto trading infrastructure with the physical asset trading capabilities of the Busan Digital Asset Exchange to expand businesses such as stablecoins.