MV Capital - Hana Bank Bets $670M on Upbit Owner Dunamu as Banks Rush into Crypto

Hana Financial Group announced today that its flagship Hana Bank will acquire a 6.55% stake in Dunamu, the operator of South Korea’s leading cryptocurrency exchange Upbit, for approximately 1 trillion won ($670 million)

Strategic Move Signals Deeper Bank-Crypto Ties

Hana Financial Group stated the investment aims to strengthen its competitiveness in the evolving financial landscape. The bank used only about 2.78% of its total equity for the purchase, reflecting measured confidence in the long-term potential of digital assets.

This transaction marks a notable shift. While South Korean banks have previously provided real-name accounts and payment services for crypto exchanges, direct equity ownership in major operators has been rare. Analysts see the move as preparation for expanded cooperation in areas such as stablecoins and digital financial services.

Upbit’s Dominant Position

Dunamu operates Upbit, which consistently handles more than 80% of South Korea’s domestic crypto trading volume. The exchange ranks among the world’s top platforms by spot trading activity. Dunamu reported assets of 13.17 trillion won at the end of last year and posted net profit of 709 billion won on sales of 1.56 trillion won.

The investment comes as Dunamu continues discussions with Naver Financial regarding a major transaction that could integrate the exchange more deeply into one of Korea’s largest technology groups.

Hana’s Growing Crypto Footprint

Hana has steadily expanded its digital asset activities. The group previously partnered with Circle and Crypto.com through its credit card unit and signed digital asset cooperation agreements with Standard Chartered. In 2024, Hana also took a 25% stake in BitGo Korea, a custody venture established with SK Telecom and BitGo.

Kakao Investment, the seller of the stake, will retain a 4.03% holding in Dunamu after the transaction.

Key Deal Details:Investment amount: 1 trillion KRW (~$670 million)
Stake acquired: 6.55% (2.28 million shares)
Seller: Kakao Investment
Expected closing: June 15, 2026
Hana becomes fourth-largest shareholder

Broader Industry Context

South Korea remains one of the world’s most active retail crypto markets. Regulators are finalizing the Digital Asset Basic Act, which will introduce clearer guidelines, including rules for stablecoins. The environment encourages greater collaboration between traditional financial institutions, technology companies, and crypto platforms.

Industry observers note that Hana’s investment could set a precedent for other banks seeking direct exposure to crypto infrastructure while maintaining regulatory compliance.