South Korea’s financial sector is witnessing a landmark transaction as Hana Bank commits nearly $670 million to acquire a stake in Dunamu, the parent company of Upbit, the nation’s largest cryptocurrency exchange. The investment, amounting to 1.003 trillion won, will see Hana Bank purchase 2.28 million shares from Kakao Investments, securing a 6.55% ownership in Dunamu. This move positions Hana Bank as the fourth-largest shareholder in the company, according to regulatory filings.
The deal, expected to finalize on June 15, will reduce Kakao Investments’ holdings to 4.03%. This shift in Dunamu’s shareholder structure underscores a broader trend where major Korean banks and tech conglomerates are increasingly integrating digital assets into their core operations. Hana Bank described the investment as a strategic step to strengthen competitiveness in the evolving financial environment, signaling a long-term commitment rather than speculative trading.
This acquisition aligns with Hana Bank’s prior crypto-related ventures. In March, its subsidiary Hana Card forged a marketing agreement tied to USDC with Circle and Crypto.com. Additionally, Hana Bank holds a 25% stake in BitGo Korea, a custody venture established with SK Telecom in 2024. These moves indicate a systematic entry into the digital asset space.
Dunamu is also navigating a complex merger with Naver Financial, a process that drew scrutiny from South Korea’s Financial Supervisory Service in April. The regulator required Dunamu to correct omissions in its filings regarding the stock swap. The merger, valued at approximately $14.5 billion, would make Dunamu a fully owned subsidiary of Naver Financial, subject to regulatory and legislative approvals.
Upbit remains a dominant force in South Korea’s crypto market, handling over 80% of the nation’s virtual asset trading volume. This dominance makes Dunamu a key player in Asia’s crypto scene. Recent operational updates from Upbit include pausing Cosmos ATOM transfers for an upgrade and planning to delist NKN’s BTC market in June.
The timing of Hana Bank’s investment coincides with South Korea’s progress on the Digital Asset Basic Act, which was delayed to 2026 due to debates over stablecoin regulations. Proposed rules include a 5 billion won capital requirement for stablecoin issuers. As these regulations solidify, Hana Bank’s stake in Dunamu positions it to capitalize on a more structured digital asset landscape.