South Korean financial conglomerate Hana Financial is acquiring a 6.55% stake in Dunamu, the operator of the crypto exchange Upbit, for over 1.003 trillion Korean won ($668 million). The deal, announced in a regulatory filing on Friday, sees Hana buy more than 2.2 million shares from investment firm Kakao Investment.
This move makes Hana Financial the fourth-largest shareholder in Dunamu. Major holders include chairman Song Chi-hyung with 25.5%, Vice Chairman Kim Hyoung-nyon with 13.1%, and Kakao with 10.6%. Hana says the acquisition is to secure competitiveness in new finance through strategic equity investment.
Hana Financial has been increasingly active in the crypto sector. In April, it signed a trilateral MOU to launch a blockchain-based remittance system with POSCO International and Dunamu. In March, it struck a deal with Standard Chartered Group to collaborate on global financial and digital asset markets, and also inked agreements with USDC issuer Circle and Crypto.com to promote stablecoin-based payments for foreign visitors in South Korea.
This acquisition follows a broader trend of traditional financial institutions entering the digital assets market. Mirae Asset Consulting acquired a controlling stake in crypto exchange Korbit in February, while Coinone is exploring a sale of shares held by its chairman.