"Hana Bank has agreed to acquire a significant stake in Dunamu, the parent company of cryptocurrency exchange Upbit, in a move that underscores the growing convergence between South Korea's traditional banking sector and the digital asset industry."
"The bank will purchase 2.28 million shares in Dunamu from Kakao Investments for approximately $670 million (1 trillion won), according to regulatory filings released Friday. The transaction, scheduled to close on June 15, will give Hana Bank a 6.55% ownership stake, making it the fourth-largest shareholder in the company."
"The acquisition represents the largest investment by a South Korean bank into a digital asset business to date. The investment signals increasing confidence among established financial institutions that digital assets are becoming a permanent part of the financial system rather than a speculative fringe market."
"Hana Financial Group said the purchase is intended to strengthen its position in what it described as a new financial landscape. The bank is funding the all-cash transaction using approximately 2.78% of its equity capital. Kakao Investments, the investment arm of technology conglomerate Kakao Corp., confirmed it is reducing its stake through the sale."
Hana Bank agreed to acquire 2.28 million shares in Dunamu, the parent company of the Upbit cryptocurrency exchange, for approximately $670 million. The all-cash transaction is expected to close on June 15 and will give Hana Bank a 6.55% ownership stake, making it the fourth-largest shareholder. The deal is described as the largest investment by a South Korean bank into a digital asset business to date. Hana Financial Group said the purchase aims to strengthen its position in a new financial landscape. Hana will fund the purchase using about 2.78% of its equity capital. Kakao Investments will reduce its stake, retaining about 4% after the sale. The investment follows Hana’s blockchain and stablecoin-related partnerships, including USDC-linked initiatives.
Read at news.bitcoin.com
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