- Hana acquires Dunamu stake while expanding major cryptocurrency partnerships across South Korea
- Upbit maintains trading dominance as Korean regulators finalize comprehensive crypto industry rules
- Kakao reduces Dunamu holdings while Hana strengthens digital asset market positioning
Hana Bank has moved aggressively into South Korea’s cryptocurrency sector after confirming a $670 million investment in Dunamu, the parent company behind Upbit exchange. The transaction immediately placed the lender among Dunamu’s biggest shareholders while signaling stronger competition between traditional banks and digital asset firms.
According to a Friday regulatory filing, Hana Bank will acquire 2.28 million Dunamu shares from Kakao Investments for 1.003 trillion Korean won. Once the transaction closes on June 15, Hana will control a 6.55% stake in the company. The acquisition also marks one of the largest direct investments by a South Korean financial institution into a crypto-related business. Consequently, the move strengthened speculation that major banks are positioning themselves ahead of wider crypto adoption in the country.
Hana explained in its filing that the investment aims to improve competitiveness within the changing financial industry. Moreover, the bank used only 2.78% of its total equity for the purchase, highlighting confidence in the long-term growth of digital assets. Kakao Investments separately confirmed the sale through its own filing, adding that it will retain a 4.03% stake in Dunamu through ownership of roughly 1.4 million shares.
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Hana Strengthens Crypto Expansion Through Multiple Partnerships
Hana Financial Group has steadily increased its exposure to blockchain and digital asset businesses throughout the past year. Earlier in 2026, Hana’s credit card division entered a USDC-related partnership with Circle and Crypto.com to expand crypto marketing initiatives. Additionally, the financial group signed another partnership with Standard Chartered Group focused on digital asset cooperation. Those agreements demonstrated Hana’s broader strategy beyond simple equity investments.
Earlier in 2024, Hana Bank also partnered with SK Telecom and crypto custody company BitGo to establish BitGo Korea. Under that arrangement, Hana secured a 25% ownership stake in the custody venture. Meanwhile, Dunamu continues advancing merger discussions involving Naver Financial, the financial services arm under Naver Group. Once completed, the transaction could strengthen Upbit’s corporate structure within one of South Korea’s largest technology ecosystems.
Upbit remains the dominant cryptocurrency exchange in South Korea and frequently controls more than 80% of local trading volume. Besides leading the domestic market, CoinMarketCap currently ranks Upbit among the world’s top crypto spot exchanges by trading activity. South Korea’s regulatory environment continues evolving as lawmakers and regulators prepare the Digital Asset Basic Act, which will introduce broader crypto guidelines, including stablecoin-related regulations.
Hana Bank’s massive investment into Dunamu reflects growing competition among South Korean institutions seeking stronger positions in the cryptocurrency sector. At the same time, changing regulations continue encouraging closer cooperation between banks, technology firms, and digital asset platforms.
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