Will Hana Financial challenge Kbank for Upbit partnership?

Hana Financial Group’s recent investment in Dunamu, the operator of Korea’s largest cryptocurrency exchange Upbit, has fueled speculation that Upbit’s six-year banking partnership with Kbank could face new competition, industry officials said Monday. Hana Bank, a key affiliate of the financial group, recently purchased a 6.5 percent stake in Dunamu from Kakao Investment for about 1 trillion won ($647 million), becoming the company’s fourth-largest shareholder. The deal makes Hana Financial the first Korean financial holding company to take an ownership stake in a cryptocurrency exchange operator. With Upbit’s partnership with Kbank for real-name deposit and withdrawal accounts set to expire in October, some industry observers believe Hana Financial may seek to secure the banking partnership, potentially reshaping the long-standing relationship between Upbit and Kbank. “For banks, a real-name account partnership with a cryptocurrency exchange is a strategic business opportunity rather than a simple transactional relationship, given its impact on customer acquisition and deposWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times