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Hana Bank Picks up 6.55% of Upbit Parent Dunamu in $670 million Crypto Push
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Hana Bank has acquired a 6.55% stake in Dunamu, the operator of South Korea’s largest crypto exchange, Upbit.
Key facts
- The bank will purchase 2.28 million shares in Dunamu from Kakao Investments for approximately $670 million (1 trillion won), according to regulatory filings released Friday
- Hana Financial Group reported a net profit of roughly $2.67 billion (4 trillion won) last year, giving the lender substantial capacity to pursue strategic investments outside traditional banking
- Hana Bank has acquired a 6.55% stake in Dunamu, the operator of South Korea’s largest crypto exchange, Upbit
- Kakao Investments, the investment arm of technology conglomerate Kakao Corp., confirmed it is reducing its stake through the sale
Summary
Hana Bank will buy a 6.55% Dunamu stake for $670M, with the deal expected to close by June 15. Upbit parent Dunamu deal signals Korean banks’ deeper push into crypto finance. Hana Bank has agreed to acquire a significant stake in Dunamu, the parent company of cryptocurrency exchange Upbit, in a move that underscores the growing convergence between South Korea’s traditional banking sector and the digital asset industry. The bank will purchase 2.28 million shares in Dunamu from Kakao Investments for approximately $670 million (1 trillion won), according to regulatory filings released Friday.