WeHub to Acquire Crypto Exchange Flybit, Holds 40% Stake Post-Deal

According to Digital Asset, WeHub, the holding company of Busan Digital Asset Exchange's largest shareholder, has agreed to acquire crypto exchange Flybit on May 28. Following the transaction, WeHub will hold 40% of Flybit, with Yang Jae-seok (JM Coffee Group chairman and WeHub's largest shareholder) retaining 25% and Flybit CEO Kim Seok-jin keeping 15%. The acquisition price was not disclosed.

WeHub is targeting Flybit's VASP credentials and robust AML infrastructure, with Flybit rated as an "excellent" operator by the Financial Intelligence Unit. The combined entity plans to integrate Flybit's crypto trading infrastructure with Busan Digital Asset Exchange's physical asset trading capabilities.