TLDR
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Kakao sells Dunamu stake to Hana Bank in major cryptocurrency deal worth $670 million
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Hana Bank enters ownership of Donamo by purchasing a 6.55% stake
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Kakao reduces ownership of Dunamu while Hana Bank expands digital finance
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Dunamu gained stronger banking relationships through the $670 million Hana Bank deal
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Hana Bank supports Dunamu as cryptocurrency funding race heats up in South Korea
Kakao will sell part of its stake in Dunamu to Hana Bank in a 1 trillion won deal worth $670 million. The deal gives Hana Bank a stronger position in South Korea’s fast-growing digital assets market. It also represents another key link between traditional banking and cryptocurrency finance.
Cocoa reduces Donamo Holdings for future investments
Kakao Investment will sell a 6.55% stake in it Donna To a bank here through a cash transaction. The deal will reduce Kakao’s ownership from 10.58% to 4.03%. Cocoa said the sale would help secure funds for future investments.
Hana Bank will become Donamo’s fourth-largest shareholder after the deal closes in June. The bank said that the deal will support its approach towards new financing. This acquisition gives Hana Bank direct exposure to Upbit’s parent company.
Kakao first backed Dunamu in 2013, when the company was operating as a news aggregator. Dunamu later moved into fintech with StockPlus in 2014. It then launched Upbit in 2017 and became the largest cryptocurrency exchange operator in South Korea.
Hana Bank expands its digital assets strategy
Hana Bank has increased its focus on crypto services and blockchain-based finance. The bank also partnered with Crypto.com in March to promote stablecoin payments to foreign visitors Donna The deal fits into its broader plan to expand digital assets.
The agreement also includes cooperation in the won-denominated stablecoin ecosystem. This plan can support payment services, settlement tools, and digital finance products. Additionally, it places Hana Bank close to a major cryptocurrency infrastructure provider.
South Korean banks are starting to move faster towards digital assets. Woori Bank partnered with MoonPay in April on a won-backed stablecoin project. Hence, Donamo Bank’s investment here shows the high competition among major local banks.
Donamo is gaining stronger relationships with finance giants
Donna It already has a central role in the cryptocurrency sector in South Korea through Upbit. The stock market leads the local market in terms of daily trading volume. Its rise also helped turn co-founders Song Chi-hyung and Kim Hyung-nyun into billionaires.
The stake sale follows Dunamu’s planned merger with Naver Financial. This all-stock transaction values the combined company at approximately $13.6 billion. The merger could create a host of fintech companies across payments, insurance, securities and cryptocurrencies.
South Korea has also relaxed rules regarding corporate cryptocurrency holdings. Listed companies can now invest up to 5% of their shares in digital assets. As a result, the Donamo deal reflects a broader acceptance of cryptocurrencies within Korea’s financial system.
