Hana Bank has agreed to acquire a 6.55% stake in Dunamu, the operator of Upbit, for approximately $670 million.
Stablecoins and blockchain payments drive partnership
Once completed in June 2026, the deal will make Hana Bank the fourth-largest shareholder in South Korea’s biggest crypto exchange operator.
Beyond ownership, both firms have signed a cooperation agreement to build financial services that connect traditional banking with blockchain systems. The focus includes won-backed stablecoins, blockchain-based foreign exchange remittances, and digital asset investment services.
Big news🚨— South Korea’s Hana Bank acquired $670 million stake in Upbit (Dunamu)
In the disclosure, Hana said it aims to become more competitive in the new era of finance.
Hana is one of the largest financial institutions in Korea, making $2.7 billion in net profit last year. pic.twitter.com/TnhOeptgjg
— Danny Kunwoong Park (@ParkKunwoong) May 15, 2026
The partnership is not new. Since late 2025, Hana Bank and Dunamu have been testing a cross-border remittance system built on Dunamu’s Giwa Chain. A proof-of-concept was completed in early 2026, followed by a pilot with Posco International to test real commercial settlement flows. The equity deal now strengthens this technical and commercial integration.
Regulatory pressure reshapes exchange ownership
The transaction also reflects regulatory tightening in South Korea’s crypto sector. Authorities have been encouraging exchanges to reduce concentrated ownership and improve transparency in governance.
Kakao Investment’s partial exit aligns with this direction, while Hana Bank’s entry replaces part of that stake with a regulated financial institution. This shift is seen as a move toward tighter alignment between crypto exchanges and licensed banking entities.
Traditional finance moves closer to crypto exchanges
After the acquisition, Hana Bank will rank behind Dunamu’s founder Song Chi-hyung and a small group of early investors, but its role goes beyond passive ownership.
The deal shows a bigger structural change in South Korea’s financial landscape, where banks are increasingly embedding themselves directly into crypto infrastructure. Rather than remaining external partners, they are becoming active participants in payments, settlement systems, and stablecoin-linked services, pointing to deeper convergence between regulated banking and digital asset markets.
Meanwhile, Hana Financial Group has signed a Memorandum of Understanding (MOU) with Standard Chartered to collaborate on digital asset initiatives, including the development of stablecoins and institutional digital finance solutions.
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