[비즈한국] Competition for the acquisition of and equity investment in virtual asset exchanges is heating up. Following the joint acquisition of Dunamu shares by three Samsung Group affiliates, Korea Investment & Securities has also moved to invest in Coinone, signaling the emergence of financial institutions and major conglomerates as key players in the exchange market. With the financial authorities moving to ease the principle of separating finance and virtual assets (finance-crypto separation), the domestic KRW-based virtual asset exchange market is being reshaped as it welcomes new owners.
On May 28, Samsung Securities, Samsung SDS, and Samsung Card announced that they had acquired a combined 4.0% stake (approximately 1.39 million shares) in Dunamu, which was previously held by Kakao affiliates. Samsung Securities secured 2.0%, while Samsung SDS and Samsung Card each acquired 1.0%. The acquisition costs reached a total of 612.8 billion KRW, with Samsung Securities contributing 306.4 billion KRW, and Samsung SDS and Samsung Card contributing 153.2 billion KRW each.
The three companies stated, "We decided to make a strategic equity investment in Dunamu, the operator of the top exchange Upbit, to create new business opportunities in the growing digital asset market," adding, "We took into account that the scope of exchange business could expand as the category of digital assets, such as KRW stablecoins, grows." The plan is to create synergy effects in the digital asset business through this equity investment.
Samsung Securities, Samsung SDS, and Samsung Card each presented a blueprint based on their respective business areas. Samsung Securities, a major financial affiliate of the Samsung Group, will collaborate with Dunamu across the board in digital assets, including the issuance and distribution of token securities and virtual asset services. Samsung Card, another financial firm, has set a goal to collaborate with Dunamu in building a coin distribution ecosystem, such as by supporting digital asset payments on the integrated Samsung Finance app 'Monimo' if a KRW stablecoin is introduced in the future.
Although Samsung SDS is a non-financial company, it has been expanding into digital and artificial intelligence transformation (DX/AX) businesses for the financial sector, recently winning contracts for AI agents and IT infrastructure construction from financial firms. They aim to strengthen their blockchain software competitiveness through Dunamu’s blockchain technology know-how and expand their digital financial infrastructure business for domestic financial firms in the future.
A Samsung official explained, "This is an equity investment to strengthen the digital asset business competitiveness of each affiliate." Dunamu stated, "We plan to cooperate on the development and distribution of blockchain-based financial investment products, the construction of payment infrastructure, and the expansion of the AI field utilizing blockchain technology."
Competition among financial firms to secure stakes in virtual asset exchanges is fierce. On the 15th, after Hana Financial Group invested 1 trillion KRW to acquire a 6.55% stake in Dunamu, Hanwha Investment & Securities, which had been pushed to the 5th largest shareholder, bought additional Dunamu shares for 597.8 billion KRW. As a result, Hanwha Investment & Securities increased its stake from 5.93% to 9.84%, surpassing Woori Technology Investment (7.20%) to become the 3rd largest shareholder. The former 3rd largest shareholder, Kakao Investment, saw its stake dwindle to 0.13% following the transactions with Hana Financial and Hanwha Investment & Securities.
Following Samsung, Korea Investment & Securities also secured a stake in the KRW virtual asset exchange Coinone on May 29. Korea Investment & Securities and the global exchange OKX (OKX Ventures) signed an equity investment agreement to each acquire a 20% stake in Coinone. The two companies will acquire shares held by Com2uS Holdings, the 2nd largest shareholder of Coinone, as well as new shares from Coinone. On the same day, Com2uS Holdings disclosed that it had disposed of a 10.05% stake in Coinone for 34.6 billion KRW. Com2uS Holdings’ stake in Coinone decreased from 21.95% to 11.9%.
Korea Investment & Securities aims to expand its business into the digital asset sector by combining traditional finance with virtual assets. They plan to collaborate with Coinone regarding new businesses such as stablecoins or token securities (STO), while incorporating their know-how in internal control and risk management as a financial institution. Kim Sung-hwan, President of Korea Investment & Securities, stated, "This is the first step in going beyond the boundaries of traditional finance to enter the blockchain-based digital finance business," adding, "By fusing the unique services and innovative technologies of Korea Investment & Securities, Coinone, and OKX, we will create powerful business synergies and take the lead in the digital financial market."
The domestic virtual asset market is being largely reorganized around financial firms and global exchanges. While the so-called 'finance-crypto separation' principle, which prevented the combination of finance and virtual assets, had blocked the entry of financial firms, competition is expected to intensify as financial authorities are reportedly set to effectively scrap this principle.
Mirae Asset Group, which has shown its will to enter the digital asset market, acquired the KRW exchange Korbit through its non-financial affiliate Mirae Asset Consulting last February and is awaiting approval from the Korea Fair Trade Commission. Fintech firm Naver Financial is also awaiting the passing of its business combination review with Dunamu. Once both companies complete the business combination procedures and the review of major shareholder eligibility, all of the top five domestic KRW exchanges (Upbit, Bithumb, Korbit, Coinone, and Gopax), excluding Bithumb, will have new owners.
Meanwhile, the second-largest exchange, Bithumb, could indirectly secure a stake through Bucket Studio, but it is facing difficulties in its sale. Bucket Studio has Vidente, which holds a 30.0% stake in Bithumb Holdings (the largest shareholder of Bithumb with 73.56%), as its subsidiary. Bucket Studio pushed for a stake sale to improve its governance structure ahead of a potential delisting, but as the stock purchase agreement for the change of the largest shareholder was terminated on April 20, it has yet to find a new owner.