Hana Bank Buys $670M Stake in Upbit Operator Dunamu Ahead of Crypto Expansion

Hana Bank has agreed to acquire a major stake in Dunamu, the parent company of South Korea’s largest cryptocurrency exchange, Upbit, in a deal valued at nearly 1 trillion won ($670 million). According to regulatory filings released Friday, the bank will purchase 2.28 million shares from Kakao Investment, strengthening its position in South Korea’s rapidly growing digital asset market.

The acquisition was unanimously approved by Hana Bank’s board on May 14 and is expected to close on June 15. Once finalized, Hana Bank will become Dunamu’s fourth-largest shareholder, trailing only the company founders and Kakao Investment’s remaining stake.

The move reflects increasing institutional interest in crypto and blockchain technology in South Korea. It also comes shortly after the ruling Democratic Party introduced the proposed “Digital Asset Basic Act,” which aims to create a comprehensive legal framework for cryptocurrency issuance, trading, custody and regulatory oversight. At the same time, South Korean financial regulators recently announced stricter security standards for local crypto exchanges.

Hana Bank and Dunamu confirmed they will jointly explore several blockchain and digital asset initiatives, including won-backed stablecoins, blockchain-based remittance systems, tokenized securities and next-generation asset management services. The partnership highlights growing competition among traditional banks seeking exposure to the digital finance sector.

The investment also arrives ahead of Dunamu’s planned merger with Naver Financial, a transaction reportedly valued at around $10 billion and announced in late 2025. Upbit currently ranks among the world’s leading cryptocurrency exchanges, generating more than $1 billion in daily trading volume, according to CoinGecko.

Dunamu posted strong financial results in fiscal 2025, recording net profit of 708.8 billion won on revenue of 1.56 trillion won. The company reportedly controls over 80% of South Korea’s virtual asset trading market, reinforcing its dominance in the country’s crypto industry.