Hana Bank, a subsidiary of Hana Financial Group, has agreed to acquire a 6.55% stake in Dunamu, the operator of South Korea’s largest cryptocurrency exchange, Upbit, in a deal valued at about $670 million, according to a Bloomberg report.
The transaction marks one of the largest investments by a South Korean bank into a crypto-related company and reflects growing institutional acceptance of digital assets in the country. The shares are being purchased from Kakao Investment, an affiliate of Kakao, which will significantly reduce its ownership stake in Dunamu following the sale.
According to reports, Hana Bank will acquire approximately 2.28 million shares in Dunamu for around 1 trillion won, with the deal expected to close in June. Once completed, Hana Bank will become Dunamu’s fourth-largest shareholder.
The investment underscores how traditional financial institutions in South Korea are increasingly positioning themselves around blockchain infrastructure, stablecoins, and digital asset services. Dunamu’s Upbit platform currently dominates the South Korean crypto trading market, reportedly handling more than 80% of domestic virtual asset trading volume.
The partnership is expected to extend beyond equity ownership. Reports indicate that Hana Financial Group and Dunamu are also exploring collaboration around blockchain-based financial infrastructure, including a potential Korean won stablecoin ecosystem and broader digital settlement services.
The deal also highlights a broader strategic shift among Asian banks toward integrating crypto-related infrastructure into mainstream financial services as regulatory clarity around digital assets continues to improve.
