Crypto News

Hanwha Investment Acquires $52 Million Stake In Dunamu

Hanwha Investment in crypto currency exchange Upbit

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.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

0 Comments
Inline Feedbacks
View all comments
Corey Hansford

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.

Related Crypto News

FD7 Ventures Converting $750 Million Of Bitcoin Into Cardano, Polkadot Tokens
Dubai-based crypto-investment fund FD7 Ventures is selling $750 million worth of Bitcoin. It will then use the proceeds to...
Grayscale Exploring 23 Cryptocurrencies For Potential Investment Products
Grayscale Investments has revealed the cryptocurrencies that it is considering to create new investment products. The world’s largest digital...
Kobe Bryant NFT Digital Art Is Being Valued At $20,000
Cryptocurrency trader known as “westcoastnft” has been involved in the industry since 2014. Mostly buying and selling Bitcoin over...
Stone Ridge Asset Management Adds Bitcoin To Diversified Alternatives Fund
Stone Ridge Asset Management will make Bitcoin part of its seven strategies for the Stone Ridge Diversified Alternatives Fund....
Kraken Planning To Raise New Funds At Over $10 Billion Valuation
Kraken is in talks with Fidelity, Tribe Capital and General Atlantic. To raise new funds with a target valuation...
Bill Gates Is Not Interested In Investing In Bitcoin
Bill Gates said that he would rather invest in coronavirus vaccines, which are helping save people's lives than investing...

Featured Crypto News

FD7 Ventures Converting $750 Million Of Bitcoin Into Cardano, Polkadot Tokens
Dubai-based crypto-investment fund FD7 Ventures is selling $750 million worth of Bitcoin. It will then use the proceeds to...
Grayscale Exploring 23 Cryptocurrencies For Potential Investment Products
Grayscale Investments has revealed the cryptocurrencies that it is considering to create new investment products. The world’s largest digital...
Kobe Bryant NFT Digital Art Is Being Valued At $20,000
Cryptocurrency trader known as “westcoastnft” has been involved in the industry since 2014. Mostly buying and selling Bitcoin over...
Stone Ridge Asset Management Adds Bitcoin To Diversified Alternatives Fund
Stone Ridge Asset Management will make Bitcoin part of its seven strategies for the Stone Ridge Diversified Alternatives Fund....
Kraken Planning To Raise New Funds At Over $10 Billion Valuation
Kraken is in talks with Fidelity, Tribe Capital and General Atlantic. To raise new funds with a target valuation...
Bill Gates Is Not Interested In Investing In Bitcoin
Bill Gates said that he would rather invest in coronavirus vaccines, which are helping save people's lives than investing...