South Korean Banking Giant Buys $670m Stake In Upbit Operator

Hana Bank Takes 6.55% Stake in Dunamu

Hana Bank, one of South Korea's largest commercial lenders, has acquired a 1 trillion won ($670 million) stake in crypto exchange operator Dunamu, in the latest sign that the country's banks are ready to embrace digital assets. Dunamu is the operator of Upbit, South Korea's largest cryptocurrency exchange.

In a regulatory filing, Hana Financial said its flagship Hana Bank will take over a 6.55 percent stake in Dunamu from Kakao Investment. Hana Financial will become the fourth-largest shareholder after the stake takeover. The deal involved the acquisition of 228 million shares, with Hana Bank's board signing off on the transaction.

Kakao Investment's own share in Dunamu drops to 4.03% as a result of the deal. Dunamu operates the Upbit cryptocurrency exchange, which handles a trading volume of more than 80% of South Korea's virtual asset market.

Banks Move Closer to Crypto as South Korea's Digital Asset Sector Grows

The acquisition is part of a broader shift in South Korea's financial landscape. Hana Financial Group and Dunamu had previously agreed to jointly develop blockchain-enabled financial services, as major Korean players accelerate their push into next-generation payment and settlement infrastructure. That partnership covers the development of an overseas remittance system, the introduction of new technology across Hana's foreign-currency operations, and Dunamu providing Hana with its proprietary Giwa Chain and related technical expertise.

Dunamu is also navigating a significant corporate restructuring. South Korean tech giant Naver Corp. has moved to fold Dunamu into its corporate orbit through a stock-swap deal, in a transaction that is expected to reshape the domestic financial and blockchain landscape and create a fintech group valued at some 20 trillion won ($13.6 billion). The plan would combine Upbit's trading services with Naver Pay's payment network, potentially giving the merged group control of more than 70% of the country's crypto trading volume.

Hana Bank's direct equity stake in Dunamu deepens the relationship between traditional finance and South Korea's dominant crypto infrastructure, reflecting the accelerating convergence of regulated banking and digital asset markets in the region.

Sources
Bloomberg: Hana Buys $670 Million Stake in Crypto Exchange Operator Dunamu
Korea Times: Hana Financial Buys Stake in No. 1 Crypto Exchange Operator Dunamu
Korea Herald: Hana Financial and Dunamu Join Forces on Blockchain-Based Remittance System