[비즈한국] Hana Financial Group has acquired a major stake in Dunamu, the operator of the top virtual asset exchange Upbit, by investing 1 trillion won, becoming its 4th largest shareholder. Hana Financial has announced plans to expand its cooperation with Dunamu, ranging from blockchain-based overseas remittances and KRW stablecoin infrastructure to digital asset-based wealth management businesses. While this equity investment is being watched as a signal for the restructuring of the domestic financial and virtual asset industries, concerns remain over the burden of large-scale investment and the volatility risks of the virtual asset market.
On the 15th, Hana Financial announced that it had acquired a 6.55% stake in Dunamu, which operates the nation's No. 1 virtual asset exchange, Upbit. The purpose of the acquisition is to secure new financial competitiveness through strategic equity investment. Hana Financial acquired 2.284 million shares out of the stake previously held by Kakao Investment (10.58%), with the transaction amount reaching 1.0033 trillion won. The stock acquisition date is scheduled for June 15th.
Hana Financial Chairman Ham Young-joo stated, "This equity investment is a strategic decision to accelerate financial innovation based on digital assets." He added, "Together with Dunamu, we will lead the creation of a K-blockchain ecosystem and focus all our group's capabilities to ensure that the domestic digital asset industry can leap to a global leading level."
Alongside the equity deal, Hana Financial and Dunamu have also signed a strategic business agreement (MOU) aimed at establishing future innovation models that connect finance with digital assets. Through this partnership, the two companies plan to collaborate on areas such as blockchain-based foreign currency remittance services, infrastructure for the issuance, distribution, usage, and recycling of KRW stablecoins, and the joint discovery of business opportunities in overseas digital asset markets.
Hana Financial and Dunamu previously signed an MOU in December 2025 to jointly develop financial services utilizing blockchain technology and have been developing blockchain-based overseas remittance services. Last February, they completed a Proof of Concept (PoC) for implementing Hana Bank's overseas remittance—which previously relied on the SWIFT network—on Dunamu's proprietary 'Kiwa Chain'. In April, they also entered into a three-way partnership with POSCO International047050 to utilize the technology for large-scale fund settlements in B2B transactions.
Introducing a blockchain-based overseas remittance service allows for 24/7 real-time settlement, bypassing the existing SWIFT system, while reducing remittance fees and significantly increasing processing speeds. Previously, Hana Financial announced plans to build next-generation overseas remittance infrastructure using deposit tokens by the third quarter of this year with Dunamu. The system aims to have cash deposited by users issued as deposit tokens to be exchanged directly between sending and receiving channels, with the entire process—including token issuance, transfer, payment, and settlement—implemented on the Kiwa Chain. They have also set a goal to launch it as an actual service, such as through designation as an innovative financial service.
Hana Financial also revealed plans to introduce a new comprehensive wealth management service by linking Upbit with its digital platforms. Hana Financial explained, "We have long built technical trust through joint research on anti-money laundering (AML) and know-your-customer (KYC) obligations. By connecting our group's wealth management know-how in funds, pensions, and trusts with Dunamu's digital asset capabilities, we will secure competitiveness in the asset management market."
As the government and political circles pursue the second phase of digital asset legislation and have been discussing ways to lower the shareholding ratio of major shareholders in virtual asset exchanges, Dunamu's ownership structure is also receiving attention. Following Hana Financial's purchase, Dunamu's corporate shareholders are now Woo-ri Technology Investment041190 (7.2%), Hana Financial (6.6%), Hanwha Investment & Securities003530 (5.9%), and Kakao Investment (4.0%). The largest shareholder (Dunamu Chairman Song Chi-hyung, 25.5%) and the second-largest shareholder (Dunamu Vice Chairman Kim Hyoung-nyon, 13.1%) remain unchanged.
With a major financial holding company like Hana Financial securing a stake in Dunamu, eyes are also on the change in the principle of 'Separation of Banking and Virtual Assets,' which prohibits the combination of traditional finance and digital assets. This separation is not legally codified but acts as a form of regulatory administrative guidance. In the 'Emergency Measures for Virtual Currencies' announced at the end of 2017, the government banned institutional financial companies from holding, purchasing, pledging, or investing in virtual assets, which has served as a mechanism to restrict direct market participation by financial firms and virtual asset companies. However, with recent discussions that banks should be the issuers of KRW stablecoins, and as combinations between financial firms and virtual asset companies occur—such as Dunamu-Naver Financial and Korbit-Mirae Asset Group—interpretations suggest that the principle of separation is shifting.
Meanwhile, the stock prices of Dunamu and Hana Financial moved in opposite directions following this investment. As of 3:00 PM on the 15th, Hana Financial Group's stock price was 118,300 won, down 6.5% from the previous day's closing price of 126,500 won. It appears that market concerns have grown as Hana Financial made a large-scale investment of over 1 trillion won in the digital asset market. The amount Hana Financial invested to acquire the Dunamu stake is equivalent to 2.8% of its equity capital (approximately 36 trillion won).
Unlike Hana Financial Group's stock, which fell by over 5% in a single day, Dunamu's stock rose 6.7% to surpass 300,000 won as of 3:40 PM on the 15th. Dunamu is an unlisted stock and can be traded on the N-Pay Unlisted (formerly Securities Plus Unlisted) platform. Having a traditional financial firm as a major shareholder acted as a positive factor.
With Hana Financial entering the digital asset market through Dunamu, it is also being watched whether the bank partnering with Upbit for real-name accounts will change. Upbit formed a partnership with K-Bank in June 2020. As the two parties agreed to a one-year contract extension in August 2025, the partnership period was extended until October of this year. Dunamu stated, "The equity investment is a separate matter from the bank partnership," while Hana Financial responded, "It is difficult to confirm.".