Hana Bank acquires $670 million stake in Upbit parent Dunamu

Hana Bank has announced a $670 million investment to acquire a 6.55% stake in Dunamu, the parent company of South Korea's largest cryptocurrency exchange, Upbit. The shares are being purchased from Kakao Investments, making Hana the fourth-largest shareholder in the firm. This transaction marks the largest investment in a digital asset enterprise by the Korean banking sector to date. The move aligns with Hana Bank's strategy to bolster its competitiveness in the evolving financial landscape and follows other digital asset partnerships involving Circle, Crypto.com, and BitGo. Meanwhile, Dunamu continues to pursue a merger with Naver Financial amidst a tightening regulatory environment for digital assets in South Korea.

(Source：The Block)