Hanwha Group, the South Korean conglomerate, is reportedly taking over the stake in the parent company for a significant cryptocurrency exchange known as Upbit. Hanwha Investment and Securities, which is the security brokerage arm of the Hanwha Group, made its reach towards the agreement to buy 6.15% of stake in Upbit’s operator Dumanu for winning $52.24 billion. The Korea Herald came up with this report on Feb 3.
As per the report, the acquisition of 2.06 million of the shares comes with the scheduling to take place on Feb 22. A representative of Hanwha said that the deal is a long-term investment for the company. It comes with fast growth in the fintech industry and in digitalization.
“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.”
Being an operator of the major crypto exchange in South Korea, Dunamu is being introduced with digital asset services. In mid-January, Dunamu got introduced along with the bitcoin ” fear and greed” index. It is intended to help the digital assets along with the investors to make more improved decisions.
Hanwha is working as one of the largest conglomerates in South Korea, along with giants like Hyundai, Samsung, LG, and SK Group.
The company is also quite active with their growth in the involvement in cryptocurrency and the blockchain industries, along with subsidiaries; Hanwha participated in the $3 million funding round, along with the crypto startup, CrossAngle, with the move for supporting the development of the crypto data service. In January, Hanwha made its investment in the Stellar-based blockchain startup, Lightnet.