Hanwha Investments and Securities, the brokerage arm of the Hanwha Group, announced that it has agreed to buy a 6.15% stake in Dunamu for just over $52 million. Dunamu operates the Korean cryptocurrency exchange, Upbit.
The acquisition is expected to take place on February 22. According to an investment official from Hanwha, the move is a long-term investment for the company.
“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, as the operator of a major crypto exchange in South Korea, has been introducing more digital assets recently. This includes the Bitcoin “fear and greed” index which is intended to help digital asset investors make better decisions.
Hanwha Investment One Of The Largest In South Korea
Hanwha is one of the largest financial and industrial conglomerates in South Korea. Along with Hyundai, LG, SK Group, and Samsung. They have continually been increasing growing its involvement in the crypto and blockchain industries through its subsidiaries.
Last July Hanwha participated in a $3 million funding round in crypto startup CrossAngle. In an effort to support the development of institutional crypto data services. In January of 2021, Hanwha Investment and Securities took part in a $31 million funding in Stellar-based blockchain startup Lightnet. During the same month participated in a funding round for the Singapore-based digital securities platform iSTOX.
A subsidiary of the insurance company Hanwha Group has been selling insurance products to Korean cryptocurrency exchanges since 2018 and that includes compensation for losses due to hacker attacks.
For those who don’t remember, Upbit was a victim of a hack back in November of 2019. As a result, the hackers were able to steal 342,000 ETH, which at the time was worth $48.2 million.
Corey has been involved in media and writing since graduating from the illustrious Howard University with a degree in Broadcast Journalism. While relatively new to the cryptocurrency world, he has been writing since 2012 with most contributions coming in the sports world on websites such as LakersNation.com and DodgerBlue.com. Corey is also an avid sports fan who closely follows the Lakers, Cowboys, Dodgers, WWE, and UFC.
European Central Bank board member believes Bitcoin creator Satoshi Nakamoto did not understand money, warns of dangers from cryptocurrencies
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
