Hana Bank Buys $670 Million Stake in Upbit Parent Dunamu Amid South Korea Crypto Expansion

South Korean banking giant Hana Bank is making a major move into the digital asset sector after agreeing to acquire a 1.003 trillion Korean won ($670 million) stake in Dunamu, the operator of the country’s largest crypto exchange, Upbit.

The investment will see Hana purchase 2.28 million Dunamu shares from Kakao Investments, giving the bank a 6.55% ownership stake and making it the company’s fourth-largest shareholder. The transaction is expected to close on June 15.

Hana Bank Strengthens Digital Asset Strategy

According to regulatory filings, Hana Bank is using nearly 2.78% of its equity for the cash acquisition as part of a broader strategy to strengthen its position in the changing financial market.

The deal marks one of the largest investments by a traditional South Korean bank into a crypto-related business. Hana said the move is aimed at securing competitiveness in the evolving financial landscape.

Upbit’s Market Position Drives Institutional Interest

Dunamu’s Upbit remains South Korea’s leading crypto exchange, often controlling more than 80% of domestic trading volume. The platform is also among the world’s top spot exchanges, handling more than $1 billion in daily trading activity.

Kakao Investments confirmed the sale and said it will retain a 4.03% stake in Dunamu after the transaction.

South Korea Builds New Crypto Rules

The investment comes as South Korean lawmakers work on the Digital Asset Basic Act, a regulatory framework expected to shape crypto operations, including stablecoins, in the country. Hana has already expanded into digital assets through partnerships with firms including Circle, Crypto.com, Standard Chartered and BitGo.