Catenaa, Wednesday, May 20, 2026- South Korean banking giant Hana Bank agreed to acquire a $669 million stake in Dunamu, the parent company of Upbit, on Friday as traditional financial institutions accelerate investments into cryptocurrency businesses ahead of major regulatory changes in South Korea.
Hana Bank disclosed in a regulatory filing that it will purchase 2.28 million shares in Dunamu from Kakao Investments for 1.003 trillion Korean won, equal to about $669.2 million.
The transaction is scheduled to close on June 15.
The acquisition will hand Hana Bank a 6.55% stake in Dunamu, making the lender the fourth-largest shareholder in the company behind Upbit.
Hana said the investment is intended to strengthen competitiveness in what it described as a changing financial landscape increasingly shaped by digital assets and blockchain services.
The deal represents the largest investment ever made by a South Korean bank into a cryptocurrency-related business, according to local media reports.
Upbit Dominates Market
Dunamu operates Upbit, South Korea’s largest cryptocurrency exchange by trading volume.The exchange frequently controls more than 80% of domestic crypto trading activity and remains one of the world’s largest spot crypto exchanges.
CoinMarketCap data ranked Upbit third globally among spot crypto exchanges, with more than $1 billion in daily trading volume.
The investment further deepens links between South Korea’s traditional banking industry and the country’s rapidly growing digital asset sector.
Kakao Investments, an affiliate of South Korean technology giant Kakao, confirmed it would sell the shares while retaining a 4.03% stake in Dunamu.
Crypto Expansion Grows
Hana Financial Group has expanded aggressively into digital assets during the past two years through partnerships and equity investments.
The group reported annual net profits of about 4 trillion won, or $2.67 billion, last year.
In March, Hana’s credit card unit signed a USDC-related marketing partnership with Circle and Crypto.com.
The financial group also partnered with Standard Chartered on digital asset initiatives earlier this year.
In 2024, Hana Bank joined telecommunications company SK Telecom and crypto custody firm BitGo to establish BitGo Korea, where Hana owns a 25% stake.
Regulations Nearing
The investment arrives as South Korean regulators and lawmakers prepare new cryptocurrency legislation called the Digital Asset Basic Act.
The proposed framework is expected to establish broader rules governing crypto exchanges, stablecoins and digital asset operations inside South Korea.
Authorities have increased efforts to formalize oversight following several high-profile collapses and scandals within the crypto sector in recent years.
Meanwhile, Dunamu is also processing a merger and acquisition involving Naver Financial, part of South Korean technology group Naver.
If finalized, the transaction would further integrate Upbit into one of South Korea’s largest technology and financial ecosystems.
Analysts said Hana’s investment signals growing confidence among mainstream financial institutions that regulated digital assets will remain a long-term part of the global financial system.
