Hana Financial Group to Acquire $670 Million Stake in Upbit Operator Dunamu

Hana Financial Group has agreed to invest approximately 1 trillion won ($670 million) to acquire a 6.55% stake in Dunamu, the operator of South Korea's leading cryptocurrency exchange, Upbit. According to local reports on Dec. 11, the shares will be purchased from Kakao Investment, marking one of the largest entries by a traditional South Korean financial institution into the digital asset sector. The partnership aims to leverage Dunamu's "Giwa Chain" for blockchain-based financial services, including stablecoins and digital-asset wealth management. This follows a pilot program completed earlier this year that replicated SWIFT-style remittances and an April collaboration with POSCO International. As regulators urge stronger governance in the crypto industry, Hana Financial plans to integrate Upbit’s capabilities with traditional pension and trust services, building on Dunamu's 2023 performance of 1.56 trillion won in sales.