South Korea’s Hana Bank will acquire a 1 trillion won ($700 million) stake in Dunamu, operator of the country’s largest cryptocurrency exchange, the bank’s holding company said in a regulatory filing on Friday.
In a separate filing, Kakao Corp. said its investment subsidiary will sell a 1 trillion won share in privately held Dunamu on Friday.
Dunamu operates the Upbit cryptocurrency exchange, which handles a trading volume of more than 80% in a booming virtual asset market and makes a hefty profit, according to analysts.
Hana Bank’s acquisition is equivalent to a 6.55% stake while Kakao Investment’s share drops to 4.03%, according to the filings.
Source: Reuters.com