Korea's Hana Financial to invest $670 million in Dunamu

South Korea’s Hana Financial Group will invest $670 million to acquire a 6.55% stake in Dunamu, the parent company of Upbit, the country’s largest cryptocurrency exchange. The purchase, approved by Hana Bank, will make Hana Financial the fourth-largest shareholder in Dunamu. The deal follows a previous partnership between the two companies to develop blockchain-based overseas remittance services, which completed technical verification earlier this year. Hana Financial stated the investment is a strategic move to drive financial innovation through digital assets. Chairman Ham Young-joo emphasized the company’s commitment to leading Korea’s blockchain ecosystem and positioning the domestic digital asset industry globally. The partnership aims to explore new business models combining traditional finance with blockchain technology. This development aligns with a broader trend of legacy financial institutions collaborating with blockchain firms. Yoon Suk-bin, a special professor at Sogang University’s Graduate School of AI & Software, noted that similar partnerships are becoming irreversible, with advanced economies increasingly adopting such integrations. On the Seoul bourse, Hana Financial’s share price dropped 5.93% on the day of the announcement, mirroring a broader market decline as the KOSPI index fell 6.12% amid heavy foreign selling. Hana Bank, the representative affiliate involved in the investment, is not publicly traded.