Hana Bank has agreed to acquire a significant stake in Dunamu, the parent company of cryptocurrency exchange Upbit, in a move that underscores the growing convergence between South Korea’s traditional banking sector and the digital asset industry.

The bank will purchase 2.28 million shares in Dunamu from Kakao Investments for approximately $670 million (1 trillion won), according to regulatory filings released Friday. The transaction, scheduled to close on June 15, will give Hana Bank a 6.55% ownership stake, making it the fourth-largest shareholder in the company.

The acquisition represents the largest investment by a South Korean bank into a digital asset business to date.

Dunamu operates Upbit, the country’s dominant crypto exchange and one of the largest trading platforms in Asia. The investment signals increasing confidence among established financial institutions that digital assets are becoming a permanent part of the financial system rather than a speculative fringe market.

Hana Financial Group said the purchase is intended to strengthen its position in what it described as a new financial landscape. The bank is funding the all-cash transaction using approximately 2.78% of its equity capital.

Kakao Investments, the investment arm of technology conglomerate Kakao Corp., confirmed it is reducing its stake through the sale. Following the transaction, Kakao Investments will retain roughly 1.4 million shares in Dunamu, representing about 4% ownership.

The move builds on Hana’s broader push into digital finance and blockchain-related partnerships. Earlier this year, the bank’s credit card unit entered into a marketing agreement tied to Circle’s USDC stablecoin alongside Crypto.com. Hana has also partnered with Standard Chartered on digital asset initiatives.

South Korea’s banking industry has historically taken a cautious approach toward cryptocurrencies, largely due to regulatory uncertainty and strict oversight requirements tied to anti-money laundering compliance. That stance has gradually softened as institutional adoption of digital assets expands globally, and regulators begin establishing clearer frameworks for the sector.

For Hana, the investment offers strategic exposure to one of the country’s most influential crypto platforms at a time when banks are increasingly exploring tokenized payments, stablecoins, and blockchain-based financial infrastructure.

Hana Financial Group reported a net profit of roughly $2.67 billion (4 trillion won) last year, giving the lender substantial capacity to pursue strategic investments outside traditional banking.

As banks worldwide assess how digital assets fit into future financial systems, Hana’s move suggests South Korea’s largest lenders are no longer content to remain on the sidelines.

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