Three Samsung affiliates have agreed to buy a combined 4% stake in Dunamu, the company behind South Korea's biggest crypto exchange Upbit, for 612.8 billion won ($408 million). Samsung Securities will take 2%, while Samsung SDS and Samsung Card each pick up 1%. The seller is Kakao Investment, which is unwinding its position as Dunamu prepares for an all-stock merger with Naver Financial valued at 15 trillion won.
The deal caps a furious two-week stretch in which established Korean financial groups have grabbed close to 14% of Dunamu. Hana Financial's banking unit agreed to buy 6.55% for 1.003 trillion won ($669 million) on May 15. Five days later, Hanwha Investment Securities lifted its stake to 9.84% for 597.8 billion won ($399 million). Combined with the Samsung purchase, roughly $1.48 billion worth of Dunamu shares have changed hands in under two weeks.
Why Samsung is buying in
Dunamu plans to work with the three Samsung affiliates on blockchain-based financial investment products, payment infrastructure, and artificial intelligence using blockchain technology. The partnership is a bet that Dunamu's technology and market position — Upbit handles about two-thirds of South Korean spot crypto trading volume — can feed into the digital asset push that regulators are laying the groundwork for.
The timing matters. Korea's Digital Asset Basic Act, expected to take effect later, will create a formal framework for won-pegged stablecoins, tokenized securities, and on-chain settlement. Local financial giants are scrambling for a seat at the table before the rules lock in.
Kakao clears out, merger clock ticks
Kakao Investment's exit is part of a broader restructuring. Dunamu and Naver Financial announced an all-stock merger in April, but the deal hit a snag. Shareholder votes were postponed to August 18, and the expected closing date slid to September 30. The reason, according to Dunamu: the Fair Trade Commission needs more time to review the combination.
Dunamu, founded in 2012 and led by chairman Song Chi-hyung, already counts Naver as a major backer. The merger would create a financial technology giant with a captive exchange, a payment network, and a social-media-linked user base. But regulators are taking a hard look.
For now, the Samsung, Hana, and Hanwha deals give Dunamu a deep bench of institutional shareholders with deep pockets and regulatory clout. The next major milestone comes August 18, when shareholders vote on the Naver merger. If approved, the deal closes by the end of September — assuming the FTC signs off.
