Lead

Hana Bank, a unit of Hana Financial Group, has agreed to purchase a 6.55% stake in Dunamu, the operator of South Korea’s largest cryptocurrency exchange, Upbit, for roughly $670 million. The transaction, scheduled to close on June 15, positions the bank as Dunamu’s fourth‑largest shareholder and signals a deepening of Hana’s involvement in the digital‑asset sector.

Background

Dunamu, founded by Kim Bong‑joong, runs Upbit, which handles more than 80% of South Korean virtual‑asset trading volume and ranks 14th worldwide by daily trading volume. In fiscal 2025, Dunamu posted a net profit of 708.8 billion won on revenue of 1.56 trillion won. The company is also preparing a $10 billion merger with Naver Financial announced in November 2025.

South Korea’s financial regulators have been tightening oversight of crypto exchanges. The Financial Services Commission and Financial Supervisory Service recently announced new rules to enhance security at crypto exchanges, while the ruling Democratic Party proposed a “Digital Asset Basic Act” to create a legal framework covering issuance, trading, custody and supervision of digital assets.

What Happened

The acquisition was approved unanimously by Hana’s board on May 14. The bank will buy 2.28 million shares from Kakao Investment, as disclosed in regulatory filings released Friday and cited by Maeil Business and the Korea Herald. The purchase price is about 1 trillion won ($670 million).

Following the deal, Hana and Dunamu confirmed plans to collaborate on several digital‑asset initiatives, including won‑pegged stablecoins, blockchain remittances, tokenized securities and asset management. In April 2026, competitor Woori Bank announced a partnership with MoonPay to develop similar stablecoin technology.

Market & Industry Implications

  • Hana’s entry into the crypto market aligns with a broader trend of traditional financial institutions investing in digital assets, as seen with Woori Bank’s recent stablecoin partnership.
  • The acquisition strengthens Dunamu’s shareholder base, potentially providing additional capital and strategic support ahead of its planned merger with Naver Financial.
  • By becoming the fourth‑largest shareholder, Hana positions itself to influence Dunamu’s strategic direction, especially in areas such as tokenization and stablecoin development.
  • The move comes at a time when South Korean regulators are establishing a clearer legal framework for digital assets, which could reduce regulatory risk for companies like Dunamu and its partners.

What to Watch

  • Completion of the transaction on June 15, which will officially make Hana the fourth‑largest shareholder in Dunamu.
  • Progress on the planned $10 billion merger between Dunamu and Naver Financial, announced in November 2025.
  • Regulatory updates from the Financial Services Commission and Financial Supervisory Service regarding the new rules aimed at enhancing security at crypto exchanges.
  • Potential launch of won‑pegged stablecoins and other tokenized products resulting from the Hana‑Dunamu collaboration.