Hana Bank, part of South Korea’s major financial conglomerate Hana Financial Group, has approved the acquisition of a 6.55% stake in Dunamu, the company behind South Korea’s leading cryptocurrency exchange Upbit. The investment, valued at approximately $670 million, is the largest single digital asset acquisition ever made by a South Korean bank. This transaction will position Hana Financial Group as the fourth-largest shareholder in Dunamu.
The purchase was made from Kakao Investment, which will retain a reduced stake of around 4% after the deal’s completion. Current major shareholders include Dunamu’s founder and chairman holding just over 25%, the vice chairman with 13%, and Woori Technology Investment controlling just above 7%. This reshaping of ownership underscores Hana’s intention to deepen its influence in digital finance.
More than a financial investment, the deal is complemented by a memorandum of understanding aimed at integrating traditional banking with blockchain technology. Hana Financial and Dunamu outlined a collaborative plan focusing on four key areas: blockchain-based foreign currency remittances; infrastructure for won-backed stablecoins; hybrid wealth management services merging Upbit’s digital platforms with Hana’s established fund and pension systems; and global expansion of digital asset offerings leveraging Hana’s international banking network alongside Dunamu’s blockchain capabilities.
The remittance project has shown significant progress, with a blockchain-powered international money transfer system modeled on SWIFT protocols undergoing commercial testing since early 2026 through a partnership involving POSCO International. The stablecoin initiative envisions a full spectrum service encompassing issuance, circulation, and redemption tailored to the South Korean currency. Additionally, the planned wealth management service aims to provide clients with seamless access to both traditional financial products and digital assets through integrated platforms.
Hana Financial Group’s leadership views this partnership as a strategic catalyst to foster innovation within Korea’s blockchain ecosystem and elevate the nation’s standing in the global digital asset industry. Their approach reflects an accelerating trend in South Korea’s financial sector, which has witnessed swift consolidation moves as major institutions seek footholds in cryptocurrency exchange infrastructure.
Parallel to Hana’s deal, other significant transactions are reshaping the market, including Mirae Asset Consulting’s acquisition of a controlling stake in Korbit and strategic negotiations involving OKX and Korea Investment & Securities to invest in Coinone. These developments illuminate the intensifying competition among traditional financial players to combine established banking strengths with emerging digital asset technologies.