Hana Financial buys stake in No. 1 crypto exchange operator Dunamu

SEOUL, May 15 (Yonhap) -- Hana Financial Group Inc., one of South Korea's major banking groups, said Friday it has decided to buy a stake in the country's top crypto exchange operator Dunamu for 1 trillion won (US$669 million), the largest-ever investment by a bank into a virtual asset operator. In a regulatory filing, Hana Financial said its flagship Hana Bank will take over a 6.55 percent stake in Dunamu, the operator of Upbit, from Kakao Investment. Hana Financial will become the fourth-largest shareholder after the stake takeover. The corporate image of Hana Financial Group (PHOTO NOT FOR SALE) (Yonhap) The alliance between an established financial institution and a virtual asset operator heralds their business cooperation going beyond simple services, such as a real-name account for virtual asset transactions, to future financial services, such as stablecoin issuance. The move also comes as local crypto exchange operators have been under pressure from the financial regulator to sharply lower major shareholders' stakes in the operator as part of efforts to shore up financial soundness and their business responsibility. sam@yna.co.kr(END)