- South Korean banking giant Hana Bank is acquiring a $670 million stake in Dunamu, the operator of Upbit.
- The deal gives Hana a 6.55% ownership stake and makes it Dunamu’s fourth-largest shareholder.
- The investment marks one of the biggest traditional banking bets on crypto infrastructure in South Korea.
- Upbit currently dominates South Korea’s crypto trading market with over 80% market share at times.
- The move comes as South Korea develops its Digital Asset Basic Act and expands crypto regulation.
Traditional Finance Moves Deeper Into Crypto
One of South Korea’s largest financial institutions is making a major move into digital assets after Hana Bank announced plans to acquire a $670 million stake in Dunamu, the parent company of crypto exchange Upbit.
The investment involves Hana purchasing 2.28 million shares from Kakao Investments for roughly 1 trillion Korean won. Once completed, Hana will control approximately 6.55% of Dunamu and become its fourth-largest shareholder.
Local media described the transaction as the largest investment by a Korean bank into a crypto-related company.
Upbit Remains South Korea’s Dominant Exchange
Dunamu operates Upbit, the largest crypto exchange in South Korea and one of the biggest spot trading platforms globally.
At times, Upbit controls more than 80% of the country’s crypto trading volume and regularly ranks among the top exchanges worldwide by daily spot volume.
The investment highlights how major banks increasingly view crypto infrastructure as a long-term part of the financial system rather than a temporary speculative trend.
Hana said the deal is designed to strengthen competitiveness in what it described as a “new financial landscape.”
South Korea’s Crypto Sector Continues Maturing
The investment comes while South Korean lawmakers finalize the country’s Digital Asset Basic Act, a major regulatory framework expected to reshape stablecoins, exchanges, custody providers, and crypto-related financial services.
Traditional financial firms have been accelerating partnerships across the sector ahead of those regulations.
Earlier this year, Hana subsidiaries partnered with Circle, Crypto.com, Standard Chartered, and BitGo on various stablecoin and digital asset initiatives.
Meanwhile, Dunamu itself is also working on a merger and acquisition deal involving Naver Financial, another major South Korean technology and financial company.
The growing involvement of mainstream financial institutions signals that crypto is increasingly becoming integrated into South Korea’s broader banking and payments infrastructure.
