Hana Financial Group has dropped about 1 trillion won ($670 million) for a 6.55% stake in Dunamu — the company behind Upbit, South Korea's dominant crypto exchange. The deal, announced May 15 in a regulatory filing after board approval, is the biggest single investment a South Korean bank has ever made in a digital asset company. Hana Financial becomes Dunamu's fourth-largest shareholder, and the two firms signed an MOU to build crypto-banking hybrids from remittances to stablecoins.
Why the bank moved in
Dunamu isn't a small bet. It ended last year with 13.17 trillion won in assets and 709 billion won in net profit on 1.56 trillion won in revenue. Upbit alone handles more than 80% of South Korea's domestic crypto trading volume. Chairman Ham Young-joo called the investment a strategic move to accelerate financial innovation in digital assets — not just a passive stake. The MOU covers blockchain-based foreign currency remittances, won-backed stablecoin infrastructure, hybrid wealth management, and international expansion. A proof of concept for remittances wrapped up in February, and in April the group signed a three-way commercial testing agreement with POSCO International.
Who else is buying into Korean exchanges
Hana isn't the only traditional finance player shopping for crypto equity this year. Mirae Asset Consulting just closed on a 92.06% stake in Korbit for roughly $96.7 million. Meanwhile, OKX and Korea Investment & Securities are in talks to each scoop up about 20% of Coinone. The pattern is clear: legacy financial firms are betting that South Korea's rigid banking-crypto wall is about to crack open, and they want a seat at the table before the regulatory dust settles.
What happens to the shareholder roster
Kakao Investment — which sold the stake — was Dunamu's third-largest shareholder. After the transaction closes, it'll keep roughly 4%. Chairman Song Chi-hyung still holds 25.51% and Vice Chairman Kim Hyoung-nyon 13.10%. Woori Technology Investment sits at 7.2%. Hana Financial comes in just behind them. The deal doesn't change control, but it gives one of the country's biggest banks a direct line into the crypto business model.
All eyes are on the commercial pilot with POSCO International, which should test whether the remittance product works at scale. The stablecoin piece is still early — the MOU mentions 'infrastructure' rather than a live token. Expect more regulatory filings as Hana integrates the stake and the MOU moves toward execution. If the pilot runs clean, the rest of the banking sector will be watching closely.
