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- Hana Bank acquired a $670 million stake in Upbit operator Dunamu.
- XRP trading volume on Upbit surpassed both Bitcoin and Ethereum.
- The deal could accelerate institutional crypto adoption in South Korea.
South Korea’s crypto market saw a major shift on Friday after Hana Financial Group announced a massive investment in Dunamu, the parent company of the country’s largest crypto exchange, Upbit. The move not only marks one of the biggest traditional finance investments into the digital asset sector in the country, but it also coincided with XRP overtaking Bitcoin in trading activity on Upbit.
Hana Financial Group said its subsidiary, Hana Bank, will acquire a 6.55% stake in Dunamu for 1 trillion won, or roughly $670 million. The deal positions Hana Bank as the fourth-largest shareholder in the crypto exchange operator and signals growing confidence among major banks in South Korea’s digital asset industry.
Hana Bank Pushes Deeper Into Crypto
The investment reflects a broader strategy by Hana Financial Group to expand its presence in blockchain-based finance and tokenized assets. Chairman Ham Young-joo described the deal as a step toward accelerating digital asset innovation and strengthening South Korea’s blockchain ecosystem.
The partnership goes beyond equity ownership. Hana Financial Group and Dunamu also signed a strategic business agreement focused on linking traditional banking services with crypto infrastructure. The collaboration is expected to explore areas such as tokenization, institutional crypto services, and blockchain-powered financial products.
The timing is notable because Hana Financial TI recently completed a proof-of-concept for a Korean won-backed stablecoin on the XRP Ledger. The initiative involved cooperation with XRPL Korea and Axelar and aimed to improve cross-border settlement systems and institutional blockchain adoption.
XRP Trading Volume Surpasses Bitcoin on Upbit
Following the announcement, XRP trading activity surged sharply on Upbit. The XRP/KRW trading pair generated more than $330 million in 24-hour volume, outperforming Bitcoin’s roughly $217 million and Ethereum’s $109 million.
The spike highlights strong retail demand for XRP in South Korea, a market that has historically played a key role in driving momentum for the token. Analysts often view sharp increases in Korean XRP trading volume as an indicator of rising speculative interest and potential price volatility.
Whale accumulation and improving sentiment around crypto regulation also contributed to the momentum. XRP recently climbed more than 7% after progress surrounding the CLARITY Act in the United States boosted market optimism.
Institutional Interest Could Reshape Korea’s Crypto Market
Hana Bank’s entry into Dunamu could encourage other traditional financial institutions to deepen their exposure to crypto-related businesses. The investment also strengthens expectations around institutional liquidity, stablecoin development, and real-world asset tokenization in South Korea.
Also Read: South Korea Confirms 22% Crypto Tax on Gains Above $1,800—What Changes in 2027?
Meanwhile, XRP futures open interest climbed to $3.12 billion over the past 24 hours, suggesting traders are increasingly positioning for larger price swings ahead.
As banks and crypto firms move closer together, South Korea may be positioning itself as one of Asia’s most active hubs for regulated digital asset innovation.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
