South Korea's banking giant Hana Financial Group has made a landmark $670 million investment in Dunamu, the operator of the country's largest crypto exchange, Upbit. In a regulatory filing on Friday, Hana Bank disclosed the purchase of 2.28 million shares from Kakao Investments for 1.003 trillion won ($669.2 million), using 2.78% of its own equity. The transaction, set to close on June 15, grants Hana a 6.55% stake and positions it as Dunamu's fourth-largest shareholder, while Kakao's holding shrinks to 4.03%.
The deal is widely seen as the most significant entry of a major Korean bank into digital assets. Hana Financial Group, which posted an annual net profit of 4 trillion won last year, stated it aims to "secure competitiveness in the new financial landscape." The move comes amid a broader push by Hana into crypto: its credit card unit recently signed a USDC marketing agreement with Circle and Crypto.com, and it partnered with Standard Chartered on digital asset projects. Earlier, Hana Bank teamed with SK Telecom and BitGo to launch BitGo Korea, holding a 25% stake.
Dunamu's Upbit dominates South Korean trading with over 80% market share and ranks third globally by spot volume. The investment coincides with the exchange operator's merger with Naver Financial, which will integrate Upbit within one of Korea's top tech groups. Hana and Dunamu plan to collaborate on blockchain-based financial services, stablecoins, and remittances, leveraging Dunamu's "Giwa Chain." A won-backed stablecoin ecosystem is under discussion, alongside plans to blend Upbit's crypto infrastructure with traditional products like pensions and trusts.
The development unfolds as Korean regulators advance the Digital Asset Basic Act, providing clearer guidelines for stablecoins and digital finance, potentially encouraging further institutional adoption.
