South Korean banking giant Hana is acquiring a $670 million stake in Dunamu, the company behind Upbit crypto exchange.
In a Friday regulatory filing, Hana Bank disclosed that it will buy 2.28 million shares in Dunamu from Kakao Investments with 1.003 trillion Korean won ($669.2 million). Hana Bank is using 2.78% of its own equity for this cash transaction.
The acquisition, set to take place on June 15, will give Hana a 6.55% stake in the Upbit operator, positioning it as the fourth-largest shareholder.
In a separate filing, Kakao Investments, which is under local IT giant Kakao, confirmed the sale of 2.28 million Dunamu shares. The transaction will leave Kakao with 1.4 million shares, representing a 4.03% stake in Dunamu.
Hana's entry into Dunamu marks the Korean banking sector's largest-ever investment in a digital asset enterprise, local news outlet Newsis reported.
