TLDR
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Kakao sells Dunamu stake to Hana Bank in major $670M crypto deal
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Hana Bank enters Dunamu ownership with a 6.55% stake purchase
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Kakao trims Dunamu holding as Hana Bank expands digital finance
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Dunamu gains stronger banking ties through Hana Bank’s $670M deal
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Hana Bank backs Dunamu as South Korea’s crypto finance race grows
Kakao will sell part of its stake in Dunamu to Hana Bank in a 1 trillion won deal worth $670 million. The transaction gives Hana Bank a stronger position in South Korea’s fast-growing digital asset market. It also marks another major link between traditional banking and crypto finance.
Kakao Cuts Dunamu Holding for Future Investments
Kakao Investment will sell a 6.55% stake in Dunamu to Hana Bank through a cash transaction. The deal will reduce Kakao’s holding from 10.58% to 4.03%. Kakao said the sale will help secure funds for future investments.
Hana Bank will become Dunamu’s fourth-largest shareholder after the transaction closes in June. The bank said the deal will support its push into new finance. The acquisition gives Hana Bank direct exposure to Upbit’s parent company.
Kakao first backed Dunamu in 2013, when the company operated as a news aggregator. Dunamu later moved into fintech with StockPlus in 2014. Then it launched Upbit in 2017 and became South Korea’s largest crypto exchange operator.
Hana Bank Expands Digital Asset Strategy
Hana Bank has increased its focus on crypto services and blockchain-based finance. The bank also partnered with Crypto.com in March to promote stablecoin payments for foreign visitors.The Dunamu deal fits its wider digital asset expansion plan.
The agreement also includes cooperation on a won-denominated stablecoin ecosystem. This plan could support payment services, settlement tools, and digital finance products. Additionally, it places Hana Bank near a major crypto infrastructure provider.
South Korean banks have started moving faster into digital assets. Woori Bank partnered with MoonPay in April on a won-backed stablecoin project. Hence, Hana Bank’s Dunamu investment shows rising competition among major domestic banks.
Dunamu Gains Stronger Ties With Finance Giants
Dunamu already holds a central role in South Korea’s crypto sector through Upbit. The exchange leads the local market by daily trading volume. Its rise also helped turn cofounders Song Chi-hyung and Kim Hyoung-nyon into billionaires.
The stake sale follows Dunamu’s planned merger with Naver Financial. That all-stock deal values the combined company at about $13.6 billion. The merger could create a large fintech group across payments, insurance, securities, and crypto.
South Korea has also eased rules on corporate crypto holdings. Listed companies can now invest up to 5% of equity in digital assets. As a result, the Dunamu deal reflects broader acceptance of crypto within Korea’s financial system.
