Hana Financial acquires $670M stake in Upbit operator

Hana Financial Group acquires a 6.55% stake in Dunamu, operator of Upbit, for $670M, signaling a major move into digital assets and blockchain services in South Korea.

Hana Financial Group has invested around 1 trillion won (approximately $670 million) to acquire a 6.55% stake in Dunamu, the operator of Upbit, South Korea’s largest cryptocurrency exchange. The shares are being purchased from Kakao Investment, reducing Kakao’s stake from 10.58% to about 4%. This transaction positions Hana Bank as Dunamu’s fourth-largest shareholder and marks a significant step by a major financial group into digital asset infrastructure. The partnership aims to develop blockchain-based financial services, launch a won-based stablecoin, and enhance cross-border payments via the Giwa Chain network. This move reflects growing confidence among traditional financial institutions as South Korea relaxes restrictions on corporate crypto activities and prepares new stablecoin regulations. Dunamu holds over 80% of the domestic virtual asset trading volume. The collaboration with Hana Financial is expected to accelerate financial innovation and expand digital asset services in the country.