Hana Bank is buying a $670 million stake in Dunamu, the company behind South Korea's largest crypto exchange Upbit. The deal, announced this week, pairs one of the country's biggest traditional banks with the operator of a trading platform that handles billions in digital asset volume daily.
Beyond the equity investment, Hana Bank said it plans to launch a won-pegged stablecoin, dive into blockchain-based remittances, and offer tokenized securities. That's a broad bet on crypto infrastructure — not just as an asset class, but as a plumbing layer for mainstream finance.
A $670 million bet on Dunamu
The stake gives Hana Bank a sizable foothold in Dunamu, which has long been the dominant exchange operator in South Korea. Upbit alone commands a majority of local trading volume. The investment price — $670 million — puts a hefty valuation on the company, reflecting both its market position and the potential upside Hana sees in marrying traditional banking with Dunamu's technology.
Neither side disclosed the exact ownership percentage. But at that dollar figure, it's one of the larger direct bank-to-crypto exchange investments in Asia this year.
Won-pegged stablecoin and tokenized securities
Hana Bank's plans go well beyond a passive stake. The bank said it will issue a stablecoin pegged to the South Korean won, a move that would put it in direct competition with existing won-backed tokens while giving it a regulated on-ramp for digital payments.
On top of that, Hana is targeting blockchain-based remittances — a natural use case for a stablecoin — and plans to offer tokenized securities. That last piece is where a lot of traditional finance firms see the real money: turning real-world assets like bonds or real estate into tradeable digital tokens. Hana's existing banking license and balance sheet could give it an edge over pure crypto firms trying to enter that space.
Upbit's parent gets a banking partner
For Dunamu, the deal brings a deep-pocketed institutional ally. The exchange has faced regulatory scrutiny in South Korea over the years, and having a major bank as a stakeholder could help smooth relations with policymakers. It also gives Dunamu a direct line to Hana's customer base for future products — especially if the stablecoin and tokenized securities gain traction.
The timing is notable. South Korea's crypto market has matured significantly since the chaotic boom-and-bust cycles of earlier years. Regulators have tightened rules around exchanges and investor protections. A bank-led stablecoin and tokenization push could signal a new phase where traditional finance takes a more active role in the ecosystem.
No launch date has been set for the stablecoin or the other services. The deal for the Dunamu stake is expected to close in the coming months, pending standard approvals.
