Hana Bank is making one of South Korea’s biggest traditional finance bets on crypto after agreeing to acquire a $670 million stake in Dunamu, the parent company of leading crypto exchange Upbit.
The investment was disclosed in a regulatory filing on Friday, where Hana confirmed plans to purchase 2.28 million Dunamu shares from Kakao Investments for approximately 1.003 trillion Korean won, equivalent to about $669 million.
Once the deal closes on June 15, Hana Bank will hold a 6.55% stake in Dunamu, making it the company’s fourth-largest shareholder. The acquisition reportedly represents the largest investment by a Korean banking institution into a digital asset company.
The transaction also reshapes ownership within the broader Kakao ecosystem. Kakao Investments confirmed separately that it would reduce its Dunamu holdings to around 4.03% after the sale.
Hana said the investment is meant to help it compete in a fast-changing financial world. The bank has already been exploring digital asset partnerships for the past two years.
Earlier this year, Hana’s credit card subsidiary entered agreements tied to USDC initiatives with Circle and Crypto.com. The bank has also partnered with Standard Chartered on digital asset projects and previously worked with BitGo to establish BitGo Korea.
The investment comes at a time when South Korea is actively building a more comprehensive crypto regulatory framework. Policymakers are currently developing the Digital Asset Basic Act, which is expected to include clearer rules around stablecoins and digital asset operations.
Dunamu’s flagship exchange, Upbit, dominates South Korea’s crypto trading market and often controls more than 80% of domestic trading volume. Globally, the platform ranks among the world’s largest spot crypto exchanges by volume.
This move shows that major financial institutions in Asia are preparing for a future where digital assets are more closely tied to traditional banking and investment services.
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