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Hanwha to accumulate $52M stake in crypto trade Upbit’s mother or father firm

02/03/2021

Hanwha Funding and Securities reached an settlement to purchase 2.06 million shares from Upbit operator Dumanu.

South Korean conglomerate Hanwha Group is reportedly buying a stake within the mother or father firm of main native cryptocurrency trade Upbit.

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

In keeping with the report, the acquisition of two.06 million shares is scheduled to happen on Feb. 22. A consultant from Hanwha mentioned that the deal is a long-term funding for the corporate to maintain up with the fast-growing fintech trade and digitization:

“As we’re specializing in growing extra digital companies, we anticipate to attain significant leads to fintech associated companies. Since Dunamu already has a high-skilled modern finance service, we determined to cooperate with the monetary expertise agency.”

As an operator of a significant crypto trade in South Korea, Dunamu has been introducing extra digital asset companies lately. In mid-January, Dunamu launched the Bitcoin (BTC) “worry and greed” index meant at serving to digital asset traders make higher selections.

Hanwha is among the largest conglomerates in South Korea alongside giants like Samsung, Hyundai, LG, and SK Group. The corporate has been actively rising its involvement within the cryptocurrency and blockchain industries by means of its subsidiaries. In July 2020, Hanwha Funding participated in a $3 million funding spherical in crypto startup CrossAngle in a transfer to assist the event of institutional crypto knowledge companies.

In January, Hanwha Funding and Securities took half in $31 million funding in Stellar-based blockchain startup Lightnet.