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Hana Financial Buys Stake in South Korea's Upbit
Description
Hana Financials strategic investment in Dunamu, owner of South Koreas leading exchange Upbit, marks a significant shift in traditional finances approach to cryptocurrency. Hanas six-point-five-five percent stake, valued at $665 million, positions them as the fourth-largest shareholder. This move aligns with Hanas push for a new financial edge through strategic investments, following their filing with regulators. Kakao Investment, previously holding a ten-point-six percent stake, offloads most of its shares but retains some for future opportunities. This deal is part of a broader trend of banks and traditional finance giants embracing cryptocurrency, with Mirae Asset acquiring control of Korbit and others like Coinone and Naver Financial forming partnerships. Hanas recent crypto ventures, including deals with POSCO, Dunamu, Standard Chartered, Circle, and Crypto.com, further underscore this shift, potentially reshaping South Koreas financial landscape.
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