South Korea-based publicly traded video game development company Gamevil is set to acquire a 13% stake in local crypto exchange Coinone for 31 billion won (around $28 million).
Announcing the news on Monday, Gamevil said the acquisition, involving 87,474 shares of Coinone, is expected to complete on June 11.
With the investment, Gamevil looks to find new business opportunities in the crypto sector and increase corporate and shareholder value.
Coinone is the third-largest crypto exchange in South Korea by trading volumes, after UPbit and Bithumb. As for Gamevil, it is one of the largest gaming companies in the country, having a market capitalization of around 355 billion won (around $320 million).
Earlier this year, Gamevil rival Nexon was said to acquire Bithumb, but the company later denied such reports. Bithumb has been looking for a buyer since 2018.