South Korea’s largest banking conglomerate approved a $670 million investment for a 6.55% stake in Dunamu, the operator of Upbit, the country’s dominant crypto exchange. The deal, disclosed via regulatory filing on May 15, represents the single largest investment by a South Korean bank into a digital asset company and marks a structural shift toward institutional integration with crypto infrastructure.
Banking Sector Consolidation Around Crypto Exchange Infrastructure
Hana Financial Group’s investment reflects a broader consolidation wave across South Korea’s financial sector around regulated digital asset venues. The transaction acquired shares from Kakao Investment, which retains a 4% stake after the sale. Dunamu founder Song Chi-hyung maintains 25.51% ownership, with Vice Chairman Kim Hyoung-nyon holding 13.10%. The exchange generates substantial revenue: 1.56 trillion won in sales and 709 billion won in net profit, with total assets of 13.17 trillion won as of last year. Upbit commands approximately 80% of South Korea’s domestic crypto trading volume, making it the critical infrastructure asset in the transaction.
Four-Pillar Strategic Partnership Emerging
Hana and Dunamu signed a memorandum of understanding covering four service areas: blockchain-based foreign currency remittances via the Giwa Chain network, won-backed stablecoin infrastructure, hybrid wealth management linking Upbit to Hana’s fund and pension platforms, and international expansion combining Hana’s global banking network with Dunamu’s blockchain technology. The partnership builds on work already underway. In late 2025, the two entities began developing a blockchain-based remittance system. By February 2026, they completed a proof of concept for SWIFT-style transfers. In April 2026, both signed a three-way commercial testing agreement with POSCO International, the conglomerate’s subsidiary, to validate the infrastructure.
Sector-Wide Institutional Race for Exchange Equity
Hana’s move reflects intensifying competition among financial institutions for stakes in regulated crypto infrastructure. On the same day as the Hana announcement, Mirae Asset Consulting acquired 92.06% of Korbit, another South Korean exchange, for $96.7 million. Separately, discussions emerged between OKX and Korea Investment & Securities regarding a combined 20% stake in Coinone, a third major exchange. The simultaneous moves indicate that South Korean banks and asset managers view exchange equity as strategic, not speculative, holdings tied to blockchain banking integration and international expansion.
Next Milestones: Stablecoin Launch and Cross-Border Payments
The immediate focus centers on implementation of the four MOU service areas, with stablecoin infrastructure and remittance systems likely the first deliverables. Hana’s global banking footprint, combined with Upbit’s liquidity and regulatory standing, positions the partnership to compete with international exchanges in cross-border payment rails. The exact closing date for the transaction and specific timelines for each MOU component remain undisclosed.
