Hana Bank invested in the country’s largest crypto exchange through its operator, Dunamu.
Hana Bank has acquired a significant stake in Dunamu, the operator of South Korea’s largest crypto exchange, Upbit. The deal marks the largest investment by a traditional Korean bank into the crypto industry.
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Deal Details
The bank will pay approximately 1 trillion won, or about $670M, for 2.28 million shares of Dunamu from Kakao Investments. The deal is expected to close on June 15. Upon completion, Hana will become the company’s fourth-largest shareholder.
Upbit controls more than 80% of South Korea’s crypto trading market and ranks among the top three global spot exchanges by trading volume.
Hana’s Crypto Strategy
The purchase aligns with Hana’s active crypto strategy:
- Hana holds a 25% stake in BitGo Korea
- The bank has signed partnerships with Circle, Crypto.com, and Standard Chartered
- It is working on developing infrastructure for won-pegged stablecoins
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Dunamu, in turn, is in talks to merge with Naver Financial, further boosting institutional interest in the platform.
Growing Bank Interest in Crypto
The deal reflects a broader trend in South Korea. Traditional financial institutions are increasingly moving into digital assets. Earlier, Mirae Asset acquired a controlling stake in Korbit.
Meanwhile, regulators continue to work on the Digital Asset Basic Act, which is expected to establish clear rules for local stablecoins and exchange operations.
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