South Korea’s 3rd-Largest Bank Buys Stake into the Country’s Largest Crypto Exchange

South Korea’s Hana Financial Group is acquiring a 6.55% stake in crypto exchange operator, Dunamu, the parent company of Upbit, for about 1 trillion won ($670 million), in one of the largest investments by a traditional Korean bank into the digital asset sector.

The deal, approved by Hana Bank’s board, involves the purchase of roughly 2.28 million Dunamu shares from Kakao Investment and is expected to close by mid-June 2026, according to regulatory filings and local media reports. Following the transaction, Hana Bank will become Dunamu’s fourth-largest shareholder.

The investment underscores how major South Korean financial institutions are moving beyond basic banking partnerships with crypto exchanges and taking direct ownership positions in digital asset infrastructure firms.

STABLECOINS | MoonPay to Power South Korea’s Won-Backed Stablecoin with Woori Bank

Dunamu operates Upbit, South Korea’s largest cryptocurrency exchange, which reportedly accounts for more than 80% of the country’s crypto trading volume.

Hana Financial Chairman, Ham Young-joo, described the acquisition as part of the group’s strategy to accelerate digital asset-based financial innovation, according to local reports.

Alongside the equity investment, Hana and Dunamu signed a strategic partnership agreement focused on

blockchain-based remittances,
won-backed stablecoins,
tokenized financial products, and
digital wealth management services.

The two companies have already completed a proof-of-concept project recreating SWIFT-style foreign exchange remittance systems on Dunamu’s Giwa blockchain network, and recently expanded testing with industrial partners including POSCO International.

The transaction comes as South Korea pushes ahead with broader digital asset regulation and institutional adoption. Policymakers have been advancing legislation aimed at establishing clearer rules for stablecoins, exchanges, and tokenized assets, while regulators simultaneously tighten oversight of the sector.

STABLECOINS 🇰🇷 | South Korea Accelerating Efforts for Local Currency Alternatives to Counter Dollar-Pegged Stablecoin Dominance

The push follows an estimated $115 billion in capital that flowed from domestic exchanges into dollar-based stablecoins such as $USDT and $USDC in… pic.twitter.com/xk7pqODXwM

— BitKE (@BitcoinKE) May 4, 2026

The Financial Services Commission is also reviewing whether Hana’s investment complies with the country’s longstanding separation principles between traditional finance and crypto-related businesses, according to local reports.