The Korea Times

Will Hana Financial challenge Kbank for Upbit partnership?

Hana Financial Group’s recent investment in Dunamu, the operator of Korea’s largest cryptocurrency exchange Upbit, has fueled speculation that Upbit’s six-year banking partnership with Kbank could face new competition, industry officials said Monday. Hana Bank, a key affiliate of the financial group, recently purchased a 6.5 percent stake in Dunamu from Kakao Investment for about 1 trillion won ($647 million), becoming the company’s fourth-largest shareholder. The deal makes Hana Financial the first Korean financial holding company to take an ownership stake in a cryptocurrency exchange operator. With Upbit’s partnership with Kbank for real-name deposit and withdrawal accounts set to expire in October, some industry observers believe Hana Financial may seek to secure the banking partnership, potentially reshaping the long-standing relationship between Upbit and Kbank. “For banks, a real-name account partnership with a cryptocurrency exchange is a strategic business opportunity rather than a simple transactional relationship, given its impact on customer acquisition and depos