Three Samsung affiliates — Samsung Securities, Samsung SDS, and Samsung Card — have purchased a combined 4% stake in Dunamu, the company behind South Korea's largest cryptocurrency exchange Upbit. The deal, valued at $408 million, was announced Thursday and underscores the growing ties between traditional conglomerates and the crypto sector. The price tag works out to a $10.2 billion valuation for Dunamu.
The $408 million deal
The three Samsung units split the stake among themselves, though details on each affiliate's share weren't disclosed. The investment gives Samsung a minority foothold in Dunamu without triggering a change of control. Dunamu will use the capital to expand its digital asset offerings and strengthen its technology infrastructure, according to a company statement.
Samsung's crypto push
Samsung has been dipping into blockchain for years — its Galaxy phones come with a crypto wallet, and it's backed blockchain startups. But this is its first direct equity stake in a major exchange. Samsung Securities brings brokerage expertise, Samsung SDS contributes IT services know-how, and Samsung Card adds payment infrastructure. Together, they give Dunamu access to a massive customer base and deep pockets.
Upbit already dominates the South Korean market, handling roughly 80% of the country's crypto trading volume. The Samsung alliance could help it fend off competition from newer platforms and navigate Seoul's evolving regulatory landscape. Dunamu now has a strategic partner with influence across finance, tech, and retail.
The transaction is expected to close by the end of the third quarter, subject to standard regulatory approvals. Both sides have signaled they're looking at joint projects in digital asset custody and blockchain-based payment services, though no formal timeline has been set.
