Dunamu, the operator of the cryptocurrency exchange Upbit, has brought Hana Bank on board as its fourth-largest shareholder through a $670 million investment. The deal connects a traditional South Korean bank with one of the most prominent crypto firms in the country.
Shareholder structure
Hana Bank's stake places it behind Dunamu's three largest shareholders. The exact percentage was not disclosed, but the $670 million figure makes it a sizeable position. The bank now holds a direct equity stake in the company, joining existing investors that include the company's founders and other institutions.
Dunamu and Upbit
Dunamu operates Upbit, a cryptocurrency exchange. The company has expanded beyond exchange operations into blockchain technology and digital asset services. This deal adds a bank to its shareholder base, potentially opening avenues for deeper integration between banking and crypto services.
Deal completion
The transaction has been completed, according to Dunamu. Hana Bank now holds its stake. How the bank's ownership will shape Dunamu's strategy is not yet public, but the partnership ties a traditional financial institution closer to the crypto industry.
