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Gamevil to become Coinone’s second-largest shareholder

Sept. 30, 2021 - 15:43 By Byun Hye-jin
Corporate logo of Gamevil (Gamevil)

South Korean game developer Gamevil said Thursday it will become the second-largest shareholder of Coinone by acquiring a 22 percent stake in the cryptocurrency exchange.

During a board meeting Wednesday, the company, through its fully owned subsidiary Gamevil Plus, decided to buy 151,218 shares of the digital coin exchange for 53.9 billion won ($45.5 million).

After the additional share purchase slated for January next year, Gamevil will hold a 38 percent stake in Coinone.

“The acquisition is aimed at expanding investments in the cryptocurrency market and finding new business opportunities in the blockchain sectors,” the game developer declared in a regulatory filing.

With the investment, Gamevil and Coinone will discuss joint businesses such as blockchain games and an exchange for nonfungible tokens.

Gamevil has already organized a task force to build an NFT exchange. The company plans to launch an NFT game as well.

“With the growing synergy between the game industry and cryptocurrency market, we are expecting a large return on investment in Coinone,” the company said.

Cha Myeong-hoon, CEO of Coinone, remains the largest shareholder of the exchange, with a controlling 53 percent stake, according to a Coinone official.