Hana Bank Buys 2,284,000 Dunamu Shares from Kakao Investment on May 15, Becoming Fourth-Largest Shareholder with 6.55% Stake
Ham Young-joo, chairman of Hana Financial Group.
Hana Financial Group, chaired by Ham Young-joo, said on May 15 that, through its key affiliate Hana Bank, it will acquire a 1 trillion won ($720.0 million) stake in Dunamu, which has the country’s largest virtual asset infrastructure, and strengthen a strategic partnership.
On the same day, Hana Bank’s board of directors resolved to acquire 2,284,000 shares of Dunamu held by Kakao Investment for about 1 trillion 33 million won ($720.0 million). Through the acquisition, Hana Bank will secure its position as the fourth-largest shareholder with a 6.55% stake in Dunamu.
Dunamu operates Upbit, the No. 1 player in the domestic digital asset exchange market by market share, and is the undisputed industry leader as a comprehensive digital asset platform company equipped across the board with infrastructure, technological capabilities and internal controls, in addition to an overwhelming number of users and trading volume.
The strategic equity investment in Dunamu is being viewed as a globally leading digital finance alliance that combines the infrastructure of traditional finance with digital innovation technology at a time when the digital transformation of finance is accelerating worldwide, centered on blockchain and stablecoin infrastructure.
Through the deal, Hana Financial Group said it has secured the strongest competitiveness to respond preemptively to financial changes originating from the digital asset ecosystem and to expand the digital asset ecosystem linked with finance while securing future growth drivers.
Chairman Ham said, “This equity investment is a strategic decision to accelerate digital asset-based financial innovation,” adding, “Together with Dunamu, we will take the lead in promoting the creation of a K-blockchain ecosystem and concentrate all of the group’s capabilities so that the domestic digital asset industry can leap to a globally leading level.”
Hana Financial Group also signed a strategic business agreement with Dunamu on the same day to build a future innovation model linking finance and digital assets, alongside the equity investment.
The two sides are aligned in their goal of developing Dunamu’s “Kiwa Chain” into core infrastructure for digital finance in the future as part of efforts to build a K-blockchain ecosystem.
Since the end of last year, they have already been pursuing the joint development of a blockchain-based overseas remittance service. In February, they completed technical verification to enable foreign currency remittance services under the existing SWIFT system to be implemented through Dunamu’s proprietary blockchain, Kiwa Chain, and in April, through the signing of a trilateral partnership with POSCO International, they established a foundation for verifying the practical effectiveness of the service.
Hana Financial Group’s strategy is to solidify its position as a leader in the domestic foreign exchange market by continuously upgrading the blockchain-based foreign currency remittance service and strengthening customer benefits so that real-time transactions and settlement become possible.
The two companies also agreed to cooperate in building stable and scalable infrastructure to create an ecosystem spanning the issuance, distribution, use and circulation return of a won stablecoin, and to continue seeking collaboration opportunities to respond to changes in the digital asset investment market.
In addition, they plan to jointly identify global business opportunities, including new business development, partnerships and investment, and the development of services linked to Kiwa Chain in overseas digital asset markets by combining Hana Financial Group’s strength in global networks with Dunamu’s overwhelming blockchain technological capabilities.
Hana Financial Group also plans to pursue a new comprehensive wealth management service linking digital assets and finance through collaboration between Upbit, the country’s top digital asset exchange operated by Dunamu, and the group’s differentiated digital platforms.
As the two sides have already built technological trust through joint research over a long period on AML (Anti-Money Laundering) and KYC (Know Your Customer), Hana Financial Group said it aims to secure a decisive competitive edge in the wealth management market by organically connecting its industry-leading wealth management know-how in funds, pensions and trusts with Dunamu’s digital asset capabilities.
Jung Suk-yee
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