Hana Financial Group Chairman Ham Young-joo (Hana Financial Group) Hana Financial Group is investing 1 trillion won ($667 billion) in Dunamu, operator of Korea's largest crypto exchange Upbit, in the biggest tie-up yet between a major Korean banking group and a domestic digital asset firm.Hana disclosed Friday that its board approved the purchase of 2,284,000 Dunamu shares from Kakao Investment for 1.033 trillion won.The deal will give Hana a 6.55 percent stake in Dunamu, making it the company's fourth-largest shareholder after founder and Chair Song Chi-hyung, who holds 25.51 percent; Vice Chair Kim Hyoung-nyon, with 13.1 percent; and Woori Technology, with 7.2 percent.The investment is Korea's first major equity deal between a traditional financial group and a digital asset firm, pushing Hana deeper into blockchain-based finance and stablecoins as regulatory discussions remain stalled.Alongside the share purchase, Hana and Dunamu signed a memorandum of understanding to develop new services linking finance and digital assets, using Dunamu's proprietary blockchain network, Giwa.The agreement builds on work already underway between the two firms. Since late last year, Hana and Dunamu have been developing a system to run SWIFT-based foreign currency remittances on Giwa. They completed a proof of concept in February and, in April, signed a three-way partnership with Posco International to test the service in real-world use.Hana plans to use the partnership to sharpen real-time transaction and settlement capabilities in blockchain-based foreign currency remittances, positioning itself for Korea's next phase of foreign exchange services.The group also plans to work with Dunamu on won-backed stablecoins, from issuance and circulation to use and redemption, while exploring further opportunities in digital asset investment services.The partnership also extends overseas. The firms plan to combine Hana's global network with Dunamu's blockchain technology to pursue new digital asset businesses, strategic investments and service partnerships abroad.They are also developing a wealth management service that links Upbit with Hana Financial's platforms. Hana plans to combine its fund, pension and trust capabilities with Dunamu's digital asset infrastructure to build a new model for managing both traditional and digital assets."This investment is a strategic move to accelerate financial innovation in digital assets," Hana Financial Group Chairman Ham Young-joo said. "By working with Dunamu, we aim to help shape Korea's blockchain ecosystem and bring the country's digital asset industry closer to the global forefront."A Dunamu official also said Friday, "Through this strategic partnership, Dunamu and Hana will build synergies between traditional finance and digital assets, deliver customer-centered future financial services and strengthen our combined competitiveness in the global market."Meanwhile, Kakao is cashing out part of its Dunamu investment at a hefty gain. Through its wholly owned investment arm Kakao Investment, the IT giant invested a total of 35.5 billion won in Dunamu after the crypto exchange was founded in 2012. The value of that investment has since grown more than 300-fold. Kakao will still retain a stake of about 4 percent in Dunamu after Friday’s sale.