Wehub Acquires Virtual Asset Exchange 'Flybit'

Wehub is set to enter the digital asset market.

On May 28, Wehub announced that it had signed an agreement to acquire a 40% stake in Korea Digital Exchange, the operator of the virtual asset exchange Flybit. The company plans to complete the acquisition next month, after which it will secure financial soundness and become the largest shareholder through an additional paid-in capital increase.

This acquisition goes beyond simply securing an exchange; it is part of a strategy to establish a leading position in digital asset financial infrastructure in anticipation of the tokenization of real-world assets (RWA) and the expansion of the stablecoin market. In addition, the company aims to become a “qualified exchange” that meets the strengthened regulations and standards of the financial authorities, such as the Act on Reporting and Using Specified Financial Transaction Information, which is scheduled to be implemented in August.

Wehub plans to prioritize improving financial soundness and governance transparency as required by law. Based on Flybit’s established capabilities in anti-money laundering (AML) and user protection, the company will build an internal control system compliant with the guidelines of the financial authorities, with the goal of smoothly passing the virtual asset service provider (VASP) change notification review within this year.

Wehub intends to organically integrate Flybit’s VASP qualification and won-based trading/AML infrastructure with the real-world asset trading capabilities of Bidan, the Busan Digital Asset Exchange. Through this, the company aims to build the largest real-world asset tokenization trading platform in Korea and proactively respond to the rapidly growing stablecoin market.

Since being incorporated as a regulated virtual asset service provider in 2021, Flybit has maintained its status as a “self-monitoring” business in the Financial Intelligence Unit (FIU)’s compliance evaluation and has been rated as an “excellent” business in the comprehensive evaluation, thereby proving its robust risk management framework.

A Wehub representative stated, “This acquisition of Flybit is a strategic decision to secure key infrastructure in the rapidly growing digital asset financial market, going beyond simply operating an exchange. We plan to build a transparent and sound trading environment based on rigorous internal controls and AML systems at the level of financial institutions. In the mid- to long-term, we aim to become a leading platform in the digital finance market, centered on RWA and stablecoins.”

This content was produced with the assistance of AI translation services.