Hana Financial deepens crypto push with $667 million Dunamu stake

Hana Financial Group has significantly deepened its bet on digital assets, announcing that its flagship banking unit, Hana Bank, has acquired a 6.55 percent stake in Dunamu, the operator of South Korea's dominant cryptocurrency exchange Upbit. The purchase, worth roughly 1 trillion won ($667 million), ranks as the largest single investment ever made by a Korean commercial bank in a digital asset company.

Hana Bank picked up 2.284 million Dunamu shares from Kakao Investment, a move approved by the bank's board on Friday. The transaction vaults Hana Bank into the position of Dunamu's fourth-largest shareholder, while pushing Kakao Investment, which previously held 10.58 percent, out of the top five. Chairman Song Chi-hyung remains the largest owner with 25.51 percent, followed by Vice Chairman Kim Hyoung-nyon at 13.10 percent and Woori Technology Investment at 7.20 percent.

The deal was sealed alongside a memorandum of understanding signed by Hana Financial Group Chairman Ham Young-joo and Dunamu Vice Chairman Kim Hyoung-nyon in Seoul. Hana framed the tie-up as a way to fuse traditional banking with fast-moving digital innovation as the global finance industry pivots toward blockchain and stablecoin infrastructure.

"This investment is a strategic step to accelerate digital asset-driven financial innovation," Ham said, adding that the group aims to help the Korean blockchain ecosystem compete globally. Upbit's existing real-name banking arrangement with Kbank will remain unchanged despite the new shareholder.

Beyond the equity stake, the two companies signed a strategic business agreement to build financial models linking conventional finance with digital assets. They have collaborated since late last year on blockchain-based overseas remittances and plan to extend the system to support real-time transactions and settlements, a move Hana expects to strengthen its foreign exchange position.

Analysts say the partnership's reach could grow considerably if a proposed combination between Dunamu and Naver Financial clears the Fair Trade Commission, which is currently reviewing the transaction. Such an approval would knit together Upbit, Hana Financial Group and Naver into a formidable finance-technology alliance capable of reshaping investment and wealth management in Korea.