Key Takeaways
Hana Bank will acquire a 6.55% stake in Dunamu Inc., the operator of South Korea’s largest cryptocurrency exchange Upbit, for 1 trillion won (US$670 million) in a landmark deal for the country's digital asset sector.
"Kakao is prioritizing the procurement of investment capital to expedite the growth of its AI business," a company spokesperson said, explaining the sale by its Kakao Investment arm. Hana Bank, a unit of Hana Financial Group, said it made the investment to “secure competitiveness in new finance.”
The all-cash transaction, set to close on June 15, will reduce Kakao's stake in Dunamu from 10.58% to 4.03%. The deal makes Hana Financial the fourth-largest shareholder in Dunamu, which operates the dominant Upbit exchange and was recently valued at $13.6 billion following a merger with Naver's payment arm.
The acquisition is the largest single investment by a South Korean bank into the digital asset industry, signaling a deepening convergence between traditional finance and crypto. The move follows Mirae Asset Consulting's February agreement to buy a controlling stake in the Korbit exchange and reported interest from global players like OKX and Coinbase in rival exchange Coinone.
The deal highlights intensifying competition among both domestic financial firms and foreign exchanges to secure a position in South Korea's tightly regulated, high-volume crypto market. Upbit is one of only five exchanges in the country permitted to offer won-denominated trading pairs.
Hana Bank's investment comes as regulators increase scrutiny over anti-money-laundering (AML) controls and ownership structures at local exchanges. The alliance provides Dunamu with a powerful traditional finance partner while giving Hana a significant stake in the country's primary crypto infrastructure.
Kakao, an early backer of Dunamu since 2013, is cashing in a portion of its highly successful investment to pivot toward future-oriented businesses, including AI. The firm's venture arm initially invested just 200 million won in Dunamu when it was a news aggregator.
This article is for informational purposes only and does not constitute investment advice.
