July 24, 2021

Hanwha to acquire $52M stake in crypto exchange Upbit’s parent company

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South Korean conglomerate Hanwha Group is reportedly acquiring a stake in the parent company of major local cryptocurrency exchange Upbit.

Hanwha Investment and Securities, the securities brokerage arm of Hanwha Group, has reached an agreement to buy a 6.15% stake in Upbit’ operator Dumanu for 58.3 billion won ($52.24 million), The Korea Herald reported on Feb. 3.

According to the report, the acquisition of 2.06 million shares is scheduled to take place on Feb. 22. A representative from Hanwha said that the deal is a long-term investment for the company to keep up with the fast-growing fintech industry and digitization:

“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.”

As an operator of a major crypto exchange in South Korea, Dunamu has been introducing more digital asset services recently. In mid-January, Dunamu introduced the Bitcoin (BTC) “fear and greed” index intended at helping digital asset investors make better decisions.

Hanwha is one of theTitle: Hanwha to acquire $52M stake in crypto exchange Upbit’s parent company
Sourced From: cointelegraph.com/news/hanwha-to-acquire-52m-stake-in-crypto-exchange-upbit-s-parent-company
Published Date: Wed, 03 Feb 2021 10:38:39 +0000