Hana Bank is making a major move into South Korea’s crypto sector with a 1.003 trillion won purchase of 2.28 million shares in Dunamu, the parent company of Upbit. Regulatory filings show the bank is buying the stake from Kakao Investments, and once the deal closes on June 15, Hana will hold 6.55% of the company.
The transaction is valued at about $670 million, putting it among the biggest direct investments by a South Korean financial institution into a crypto-linked business. Hana said in its filing that the purchase is intended to improve competitiveness as the financial industry changes. The bank also noted that the acquisition uses only 2.78% of its total equity.
Kakao Cuts Its Position but Keeps a Residual Holding
Kakao Investments separately confirmed the sale. After the transaction, it will still own about 1.4 million shares in Dunamu, equal to a 4.03% stake. The shift adds to a broader pattern: traditional financial groups in South Korea are tightening their links with digital asset businesses through equity deals and commercial partnerships.
Upbit remains the dominant crypto exchange in South Korea and often accounts for more than 80% of local trading volume. Beyond the domestic market, CoinMarketCap ranks Upbit among the world’s most active spot exchanges by trading activity.
Hana Has Expanded Across Crypto Partnerships
Hana Financial Group has been building digital asset exposure across several fronts. Earlier in 2026, its credit card unit entered a USDC-related partnership with Circle and Crypto.com focused on crypto marketing initiatives. The group also signed a separate digital asset cooperation agreement with Standard Chartered Group.
In 2024, Hana Bank partnered with SK Telecom and crypto custody firm BitGo to establish BitGo Korea. Under that structure, Hana took a 25% stake in the custody venture. At the same time, Dunamu has been advancing merger discussions involving Naver Financial, part of Naver Group, a move that could strengthen Upbit’s corporate positioning inside a major Korean technology ecosystem.
Regulatory Rules Are Taking Shape in South Korea
South Korea’s regulatory framework for crypto is still being built out. Lawmakers and regulators are preparing the Digital Asset Basic Act, which is expected to set broader industry guidelines, including rules tied to stablecoins. Against that backdrop, banks, tech firms, and digital asset platforms are moving closer, and Hana’s investment shows how aggressively major institutions are trying to secure their place in the market.