Coinone completed the sale of approximately 3.09 million dollars in virtual assets to cover personnel expenses and taxes

ChainCatcher news, according to News 1, the South Korean exchange Coinone sold virtual assets worth approximately 4.356 billion won (about 3.09 million USD) to Upbit and Korbit between the 8th and 31st of last month.

Benefiting from the price increase, Coinone realized an additional profit of about 220 million won. This sale aligns with the "Roadmap for Corporate Participation in the Virtual Asset Market" announced by the Financial Services Commission of South Korea in February this year, allowing non-profit organizations and exchanges to liquidate virtual assets for personnel costs and tax expenditures.

Coinone stated that the related funds will also be used to cover other operating costs.