Hana Bank buys 6.55% of Dunamu for $670M, becomes 4th-largest

Hana Bank has purchased a 6.55% stake in Dunamu, the operator of South Korea’s Upbit cryptocurrency exchange, paying 1 trillion won ($670 million) to acquire the shares from Kakao Investment. The purchase makes Hana Bank Dunamu’s fourth-largest shareholder and includes a cooperation agreement to build infrastructure for a stablecoin pegged to the South Korean won.

Hana Financial Group said the partnership aims to accelerate financial innovation tied to digital assets and to expand joint business projects with Dunamu. The cooperation covers systems development and other technical work needed to issue and manage a won-denominated stablecoin.

The deal follows growing participation by traditional banks in South Korea’s digital-asset sector. In April, Woori Bank announced a partnership with MoonPay on a won-backed stablecoin. Financial institutions in the country have been increasing investments and partnerships linked to crypto services and payment infrastructure.

Regulatory policy in South Korea has changed in recent years. Authorities removed earlier bans on corporate cryptocurrency holdings and now allow listed companies to invest up to 5% of their equity in digital assets, a reversal from stricter rules that had limited corporate involvement in exchanges and token holdings.

In November 2025, Naver Financial, a unit of Naver Corp., agreed to acquire Dunamu in an all-stock transaction valued at roughly $10 billion. Naver Financial intends to pursue an initial public offering after completing that share swap.

Dunamu is best known as the operator of Upbit, one of South Korea’s largest crypto exchanges. The sale of the stake from Kakao Investment to Hana Bank alters Dunamu’s shareholder lineup as the company prepares for the pending transaction with Naver Financial and continued collaboration with traditional financial firms.