PANews reported on May 28th that, according to Digital Asset, WeHub, the holding company of the largest shareholder of the Busan Digital Asset Exchange in South Korea, will expand its business into virtual assets by acquiring cryptocurrency exchange Flybit. WeHub and Yang Jae-seok, chairman of its largest shareholder JM Coffee Group, have agreed to the acquisition; the amount was not disclosed. Upon completion of the acquisition, WeHub will hold 40% of Flybit's shares, Yang Jae-seok will hold 25%, and Flybit CEO Kim Seok-jin will retain 15%.

Furthermore, Flybit's market share has declined due to its failure to obtain verified Korean won accounts. WeHub was attracted by its VASP certification and stable AML infrastructure; Flybit was rated "excellent" in the financial intelligence agency's institutional assessment. Following the acquisition, the two companies plan to combine Flybit's crypto trading infrastructure with the Busan Digital Asset Exchange's physical asset trading capabilities to expand into stablecoins and other businesses.