Hana Bank to Acquire 6.55% Dunamu Stake for 1 Trillion Won

Hana Bank, a major South Korean lender, has agreed to acquire a 6.55 percent stake in Dunamu, the operator of the country's largest cryptocurrency exchange Upbit, for approximately 1 trillion won, or about 670 million dollars.

The bank will purchase 2.28 million shares from Kakao Investments in a cash transaction, according to regulatory filings. The deal, valued at 1.003 trillion won, is expected to close on June 15 and will position Hana Bank as Dunamu's fourth-largest shareholder. Kakao Investments will retain 1.4 million shares, reducing its holding from 10.58 percent to 4.03 percent. Hana Bank stated the investment aims to "secure competitiveness in the new financial landscape" by expanding into digital assets.

This move builds on Hana Financial Group's recent efforts to enter the cryptocurrency sector. In March, its credit card unit signed a marketing agreement with Circle and Crypto.com related to USDC stablecoin promotions. Earlier in 2024, Hana Bank and SK Telecom partnered with BitGo to establish BitGo Korea, in which Hana holds a 25 percent stake. The Dunamu deal also includes plans for cooperation on infrastructure supporting a won-denominated stablecoin ecosystem,...