A trio of Samsung affiliates is set to buy a $408 million stake in Dunamu, the company that runs Upbit, South Korea's dominant crypto exchange. The seller is Kakao, the tech giant behind the country's most popular messaging app, which is trimming its holdings in the crypto firm. The deal marks one of the largest direct investments by a traditional Korean conglomerate into the digital-asset sector this year.
The buyers
The three Samsung entities — all affiliates of the broader Samsung group — are pooling resources for the acquisition. None of the individual stakes have been disclosed, but combined they give Samsung a meaningful foothold in Dunamu. The move fits a pattern: Samsung has slowly increased its exposure to blockchain and crypto through venture investments and product integrations, though this is its biggest single bet yet.
The seller
Kakao has been steadily reducing its position in Dunamu over the past couple of years. The messaging giant originally backed the exchange early and rode the crypto boom of 2021 to a massive valuation. But with regulatory pressures mounting in South Korea and the group focusing on its core messaging and AI businesses, selling down its Dunamu stake frees up capital. The $408 million price tag suggests Dunamu is still valued highly, though far from its peak.
The target
Dunamu isn't just Upbit. The company runs a blockchain platform called Klaytn, operates a crypto wallet, and has a non-fungible token marketplace. Still, Upbit is the crown jewel — it commands the vast majority of spot trading volume in South Korea. That dominance also brings scrutiny: local regulators have tightened rules on exchanges, and lawmakers have debated everything from listing standards to reserve requirements. Dunamu has navigated that landscape so far, but the regulatory environment remains unpredictable.
What comes next
The deal still needs approval from Korea's antitrust regulator, the Korea Fair Trade Commission. If cleared, the Samsung affiliates will become notable minority shareholders in one of Asia's most important crypto firms. For now, the market is watching whether other traditional Korean companies follow Samsung's lead — or whether regulators throw up new hurdles before the ink dries.
