South Korea’s banking industry just made one of its biggest crypto moves yet after Hana Financial Group announced a massive investment into Dunamu, the company behind crypto exchange Upbit.
According to local reports, Hana Bank approved the purchase of a 6.55% stake in Dunamu worth nearly 1 trillion won, or around $670 million. The shares are being bought from Kakao Investment, which will reduce its ownership after the deal closes.
The investment is now being viewed as one of the biggest signs yet that traditional banks in South Korea are becoming more comfortable with digital assets.
Banks and Crypto Move Closer Together
Until now, most South Korean banks have mainly worked with crypto exchanges through real-name trading accounts and compliance partnerships.
This deal goes much further.
Hana Financial and Dunamu now plan to work together on blockchain-based financial services, stablecoins, overseas remittance systems, and digital asset wealth management products.
A big part of the partnership revolves around Dunamu’s blockchain network called “Giwa Chain.” The two firms have already been testing blockchain-powered foreign currency transfers using the network.
Earlier this year, they completed a pilot program that recreated traditional SWIFT-style remittance systems on blockchain infrastructure. In April, they also partnered with POSCO International for real-world testing.
Stablecoin Plans Start Taking Shape
One of the biggest developments from the partnership is the push toward a won-backed stablecoin ecosystem.
The two companies said they plan to cooperate on stablecoin issuance, settlement systems, payments, and broader digital financial infrastructure as competition around blockchain payments continues growing across Asia.
Hana Financial also plans to combine Upbit’s crypto infrastructure with traditional banking products like pensions, trusts, and investment services.
Upbit Operator Continues Growing
Dunamu remains South Korea’s largest crypto exchange operator through Upbit, which continues dominating local trading volume.
The company reported assets worth 13.17 trillion won last year and generated around 709 billion won in net profit on sales of 1.56 trillion won.
The investment also comes as South Korean regulators continue pushing crypto firms to improve governance structures and reduce concentrated ownership inside the industry.
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