Hana invests $670m in crypto exchange operator Dunamu

Hana Bank, one of South Korea’s largest commercial lenders, has acquired a 1 trillion won ($670 million) stake in crypto exchange operator Dunamu, in the latest sign that the country’s banks are ready to embrace digital assets.

Hana Bank’s board approved the purchase of 228 million shares in Dunamu from Kakao Investment, Hana Financial Group said in a statement Friday. Dunamu is the operator of Upbit, South Korea’s largest cryptocurrency exchange.

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The deal comes after Naver Financial, a subsidiary of Naver Corp, agreed to acquire Dunamu in a $10 billion deal in November 2025. Naver Financial plans to seek an initial public offering after completing the share-swap transaction with Dunamu, according to a filing.

Hana Bank will now become Dunamu’s fourth-largest shareholder, and the two companies have agreed to cooperate on building infrastructure for a won-denominated stablecoin ecosystem.

As cryptocurrency prices have fallen precipitously in the past several months, Dunamu’s exchange business has come under strain. First-quarter revenue was down 55% from a year earlier to 234.6 billion won, while profit plummeted 78% to 88 billion won.

Dunamu attributed the decline to a decrease in digital-asset trading volume amid economic headwinds. A crash in crypto prices that started in early October contributed to an exodus of retail punters from altcoin trading, wiping out trading fees that many exchanges rely on.

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South Korea is currently mulling a framework for allowing the local issuance of won stablecoins, though legislation has faced delays amid disagreements over eligibility and oversight. The country is already one of Asia’s most active crypto markets in terms of retail trading activity.

The Hana deal is just the latest example of Korean lenders broadening their engagement with digital-asset firms. Woori Bank, another major South Korean lender, announced in April that it would partner with MoonPay to work on a won-backed stablecoin.

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