Hana Bank has acquired a 6.55% stake in Dunamu — the company behind South Korea’s largest crypto exchange, Upbit — for roughly $670 million. The deal sees Kakao, the tech giant that previously held the stake, sell its position to the bank. It’s the latest sign that major Korean banks are moving beyond cautious toe-dipping into digital assets.
What the deal looks like
Kakao sold its entire stake in Dunamu to Hana Bank. The transaction values Dunamu at about $10.2 billion. That’s a big number, but it tracks with Upbit’s dominant share of Korean crypto trading volume — often north of 80%. Hana isn’t a minor player either; it’s one of South Korea’s top commercial banks.
The purchase gives Hana a direct equity link to the country’s most active exchange. That’s a shift from the usual bank-crypto relationship, which until recently was mostly about offering custody or issuing real-name accounts under regulatory pressure.
Korean banks have been creeping into crypto for a while. Shinhan Bank and Kookmin Bank have launched digital asset custody services. But equity stakes are a different game. Hana is now a part-owner of the exchange itself, not just a service provider.
That carries risk. Upbit has faced regulatory scrutiny — in 2024 it was fined by Korean authorities for know-your-customer lapses. But it also means Hana gets a seat at the table as the government figures out how to formalize the industry. Seoul has been pushing for clearer rules, and having a bank inside the room could shape them.
What happens to Dunamu
Dunamu gets a big institutional backer with serious balance-sheet heft. That could help in future regulatory negotiations — a bank’s reputation tends to carry weight with policymakers. It also opens the door for deeper product integration: think bank-linked crypto wallets, co-branded trading products, or even lending against digital assets.
Kakao, meanwhile, exits a position it held since Dunamu’s early days. The company has been trimming non-core assets recently. Selling the stake frees up cash for its AI and mobility bets.
The deal is expected to close within the quarter, pending regulatory approval. If it goes through, don’t be surprised if other Korean banks follow Hana’s lead.
