South Korea’s Hanwha Group is said to be buying a stake in the parent company of the large domestic cryptocurrency exchange Upbit.
Hanwha Investment and Securities, a stock broker at Hanwha Group, has agreed to buy 6.15% of operator Upbit Dumanu for 58.3 billion won ($ 52.24 million), Korea Herald reported on Feb.3.
According to the report, the acquisition of 2.06 million shares is scheduled for February 22. A spokesperson for Hanwha said the deal was a long-term investment for the company to keep pace with the fast-growing financial and digitization industry. :
When we focus on developing more digital services, we expect to achieve meaningful results in the fintech business. Since Dunamu already has a skilled and innovative financial service, we decided to partner with a fintech company. ”
As the operator of a large crypto exchange in South Korea, Dunamu has provided several digital real estate services in recent times. In mid-January, Dunamu unveiled the Bitcoin Fear and Greed Index (BTC) to help digital asset investors make better decisions.
Hanwha is one of the largest conglomerates in South Korea along with giants like Samsung, Hyundai, LG and SK Group. The company is actively expanding its participation in the cryptocurrency and blockchain industry through its subsidiaries. In July 2020, Hanwha Investment participated in a $ 3 million financing round when starting CrossAngle to support the development of enterprise crypto services.
In January, Hanwha Investment and Securities co-financed $ 31 million in Stellar-based startup Lightnet.