Hana Financial Group has agreed to acquire a 6.55% stake in digital asset operator Dunamu.
The transaction is valued at 1 trillion won (US$669 million).
A regulatory filing on Friday (May 15) confirmed the deal, according to Yonhap.
Hana Bank will purchase the shares from Kakao Investment to become the platform’s fourth-largest shareholder.
The partnership expands their cooperation beyond providing basic fiat accounts for cryptocurrency transactions.
The companies plan to co-develop digital financial products, including stablecoin initiatives.
South Korean regulators are currently pressuring local cryptocurrency exchanges to dilute major shareholder concentrations.
Authorities want these platforms to improve their financial stability and corporate accountability.
In a separate corporate development, Naver Financial announced its own plans regarding the digital asset operator in November.
The fintech arm of web portal Naver revealed intentions to acquire Dunamu as a wholly owned subsidiary through a share swap agreement.
At the close of last year, Dunamu reported 13.17 trillion won (US$8.81 billion) in total assets.
The Upbit operator generated 709 billion won (US$474 million) in net profit alongside 1.56 trillion won (US$1.04 billion) in revenue.
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