Main South Korean monetary conglomerate Hana Monetary is shopping for a stake in Dunamu, the operator of the crypto alternate Upbit, in its newest enterprise into the digital property sector, amid a broader pattern of conventional monetary establishments wading into the digital property market.
In a regulatory submitting on Friday, Hana Monetary introduced 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 Every day reported final September that main shareholders of Dunamu embrace its chairman Music 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 preserving 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 providers firm Mirae Asset Group, acquired a controlling stake in crypto alternate Korbit in February.
Earlier within the yr, fellow alternate Coinone introduced it was exploring the sale of shares held by its chairman, with native monetary establishments and overseas exchanges rumored to be circling. South Korean tech firm Naver Monetary additionally agreed final yr to accumulate Dunamu by way of a share swap, bringing the Upbit operator beneath 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 cope with the UK’s Customary Chartered Group to collaborate on world monetary and digital asset markets, and likewise inked agreements with USDC issuer Circle and main US crypto alternate Crypto.com to advertise stablecoin-based funds for overseas guests in South Korea.
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