Hanwha to Finalize the Acquisition Of $52M Stake In Crypto Exchange Upbit’s Parent Firm

By Katelyn James | February 11, 2021

South Korea-based corporation Hanwha Group is reportedly planning to finalize the acquisition of a stake in the parent firm of top-tier local crypto exchange platform Upbit. 

Specifically, Hanwha Investment and Securities – the Hanwha Group branch focusing on securities brokerage – has reportedly agreed on a deal to secure a 6.15% stake in Upbit’ operator Dumanu, at the price of 58.3 billion won ($52.24 million). 

The date to finalize the acquisition of 2.06 million shares is reportedly set to be on February 22nd, and will function as a long-term investment for the conglomerate, in a bid to stay relevant with the rapid-growing fintech sphere, per details disclosed by a Hanwha spokesperson. 

“As we are focusing on developing more digital services, we anticipate to achieve meaningful results in fintech related businesses. Since Dunamu already has a high-skilled innovative finance service, we decided to cooperate with the financial technology firm.”

Dunamu – operating as an operator of a South Korea-headquartered,  top-tier crypto exchange platform – has reportedly been rolling out numerous crypto asset services lately. 

In the middle of January, Dunamu made the Bitcoin (BTC) “fear and greed” index – designed to offer assistance to crypto asset investors in making better decisions – publicly available. 

Hanwha – widely recognized as a heavyweight, in the same tier with Samsung, Hyundai, LG, and SK Group in South Korea – has been adopting a pro-attitude in broadening its presence in the crypto and blockchain sector, via its subsidiaries.

In July last year, the firm reportedly took part in a $3 million funding roundin crypto startup CrossAngle, as an attempt to support the growth of institutional crypto data services.

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