Dunamu operates Upbit, South Korea's largest crypto exchange by daily trading volume.
SEONGJOON CHO/BLOOMBERG
South Korean internet giant Kakao is partially exiting its early investment in crypto exchange operator Dunamu, selling a stake worth 1 trillion won ($670 million) to domestic commercial bank Hana Bank.
Kakao said in a stock exchange filing on Friday that its investment arm, Kakao Investment, will sell a 6.55% stake in Dunamu. Hana Bank, a subsidiary of Hana Financial Group, will buy the stake in cash, the Korean banking giant said in a separate filing. The deal is set to be completed in June.
Following the transaction, Kakao’s stake in Dunamu will decrease to 4.03% from 10.58%. The company said the share sale is aimed at “securing funds for future investments.” Hana Bank, meanwhile, said it invests in Dunamu to “secure competitiveness in new finance.” The lender has been expanding into digital assets, partnering with crypto exchange Crypto.com in March to promote stablecoin payments for foreign visitors in Korea.
