Hana Bank is making one of the biggest traditional‑finance bets on crypto by investing about $670 million in Dunamu, the company behind South Korea’s largest exchange, Upbit. The deal shows Korean banks now view regulated digital asset platforms as core partners rather than risky outliers.
How the Hana–Dunamu Deal Works
Hana Bank will buy 2.284 million Dunamu shares from Kakao Investment, an affiliate of tech giant Kakao, for about 1 trillion won, or roughly $670 million. When the deal closes on June 15, Hana will hold a 6.55 percent stake in Dunamu and become its fourth‑largest shareholder, while Kakao Investment’s stake will drop from about 10.6 percent to around 4 percent but remain significant.
Dunamu operates Upbit, which leads South Korea’s crypto market in terms of trading volume and users, and also runs stock‑linked investing services and other blockchain ventures, though Upbit remains its core business. Key shareholders include chairman Song Chi‑hyung with about 25.5 percent, vice chairman Kim Hyoung‑nyon with roughly 13.1 percent, and Woori Technology Investment with around 7.2 percent.
Why Hana Bank is Buying into Crypto Now
Hana Financial Group says the investment is part of a push to build “digital asset‑based financial innovation” as Korea slowly relaxes rules on corporate crypto exposure. The group has already worked with Dunamu on smaller projects and now plans joint services that blend banking with tokenized assets and Web3 tools. Executives frame the move as a way to secure a front‑row seat as digital assets and traditional finance merge.
The new shareholder mix tightens Upbit’s ties with a major bank at a time when fiat partners remain key gatekeepers for exchanges worldwide. Hana’s backing could ease the launch of new on‑ramp services, cross‑selling between banking apps and crypto platforms, and institutional products that need a strong fiat balance sheet. It also signals to regulators that one of the country’s largest lenders is confident enough in Upbit’s compliance systems to commit real capital.
The deal is the largest single investment by a South Korean bank in a digital asset company so far. It follows smaller stakes in Dunamu by Hanwha Investment and other financial groups, showing steady mainstream interest in the sector. If regulators lift the corporate crypto investment ban and allow limited balance‑sheet exposure to top assets, this kind of bank–exchange partnership could quickly become a model for the wider Korean market.
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