HANA BANK BUYS 6.55% STAKE IN UPBIT FOR $672.5M

The transaction will position Hana Bank as the fourth largest shareholder in Dunamu. The deal represents a significant move by a major Korean financial institution into the cryptocurrency sector, which has faced regulatory scrutiny in South Korea. Kakao, the tech conglomerate that previously held the stake, is divesting its position in the crypto exchange operator. The valuation reflects ongoing investor confidence in Upbit, despite regulatory challenges facing South Korean crypto platforms. Hana Bank's entry into Dunamu's shareholder structure signals institutional appetite for digital asset infrastructure in South Korea. The country remains a major cryptocurrency market, though regulators have implemented stricter compliance requirements for exchanges in recent years. The deal requires regulatory approval from South Korean authorities.