Main South Korean monetary conglomerate Hana Monetary is shopping for a stake in Dunamu, the operator of the crypto change Upbit, in its newest enterprise into the digital belongings sector, amid a broader pattern of conventional monetary establishments wading into the digital belongings market.
In a regulatory submitting on Friday, Hana Monetary announced it’s shopping for greater than 2.2 million shares in Dunamu, or roughly 6.55% of the corporate, from funding agency Kakao Funding, price over 1.003 trillion Korean gained ($668 million).
Hana Monetary’s 6.55% stake from Kakao makes it the fourth-largest Dunamu shareholder. South Korean outlet The Chosun Each day reported final September that main shareholders of Dunamu embody its chairman Tune Chi-hyung with 25.5%; Vice Chairman Kim Hyoung-nyon with 13.1%; Kakao with 10.6% and Woori Know-how Funding with 7.2%.
Hana Monetary stated within the submitting that the acquisition is to safe “competitiveness in new finance by way of strategic fairness funding.” On the similar time, Kakao additionally filed concerning the sale and stated it was holding 1.4 million shares on its books whereas offloading the remainder to safe “funds for future investments.”
Hana Monetary is shopping for greater than two million shares in Dunamu, or roughly 6.55% of the corporate. Supply: DART
A rising variety of banks and conventional monetary establishments have began to dip their toes into crypto after years of skepticism. Mirae Asset Consulting, an affiliate of South Korean multinational monetary companies firm Mirae Asset Group, acquired a controlling stake in crypto exchange Korbit in February.
Earlier within the yr, fellow change Coinone announced it was exploring the sale of shares held by its chairman, with native monetary establishments and international exchanges rumored to be circling. South Korean tech firm Naver Monetary additionally agreed last year to acquire Dunamu by way of a share swap, bringing the Upbit operator underneath its umbrella.
Hana Monetary very lively in crypto sector
The monetary conglomerate has been very lively within the crypto sector. Hana Monetary signed a trilateral memorandum of understanding in April to launch a blockchain-based remittance system with POSCO Worldwide and Dunamu.
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In the meantime, in March, it struck a deal with the UK’s Standard Chartered Group to collaborate on international monetary and digital asset markets, and likewise inked agreements with USDC issuer Circle and main US crypto change Crypto.com to advertise stablecoin-based funds for international guests in South Korea.
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