finance
Hana Bank to Buy $670 Million Controlling Stake in Dunamu, Kakao to Partially Exit
South Korean bank Hana Bank is buying a 6.55% stake in Dunamu, operator of the country's largest crypto exchange Upbit, from Kakao Investment. The deal, valued at 1 trillion won, is scheduled to close in June 2026 alongside Dunamu's merger with Naver's payment arm. Kakao cited the need to fund its AI business as the reason for the partial exit from its long-held investment.
May 15, 12:00 AM·1m read2 sources
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Hana Bank has acquired a $670 million stake in Dunamu, the operator of South Korea’s largest crypto exchange by daily trading volume. 55% stake in the company to the bank in an all-cash transaction, according to separate regulatory filings from both parties. The deal is set to be completed in June 2026.
58%. Kakao first invested in Dunamu in 2013, a year after the Seoul-based company was founded. At the time, Dunamu was a news aggregator.
The company pivoted to fintech in 2014 with the launch of its stock trading platform StockPlus. It then launched crypto exchange Upbit in 2017. Upbit has since grown to become South Korea’s largest crypto exchange by daily trading volume.
Dunamu’s cofounders, Song Chi-hyung and Kim Hyoung-nyon, have entered the ranks of the world’s billionaires on the back of Upbit’s success. Kakao, which is controlled by billionaire Kim Beom-su, is now partially exiting its early investment. “Kakao is prioritizing the procurement of investment capital to expedite the growth of its AI business,” a company spokesperson said.
Hana Bank said it is investing in Dunamu to secure competitiveness in new finance. com in March 2026 to promote stablecoin payments for foreign visitors in Korea. The two firms have also agreed to cooperate on building infrastructure for a won-denominated stablecoin ecosystem.
The transaction comes as Dunamu is merging with the payment arm of Naver. 6 billion. The deal is poised to create a major domestic fintech player offering payments, insurance, crypto and securities trading.
