Hanwha to acquire $52M stake in crypto exchange Upbit’s parent company

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South Korean conglomerate Hanwha Group is reportedly buying a stake within the mum or dad firm of main native cryptocurrency alternate 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 received ($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 creating extra digital providers, we anticipate to realize significant leads to fintech associated companies. Since Dunamu already has a high-skilled progressive finance service, we determined to cooperate with the monetary know-how agency.”

As an operator of a significant crypto alternate in South Korea, Dunamu has been introducing extra digital asset providers not too long ago. In mid-January, Dunamu introduced the Bitcoin (BTC) “worry and greed” index supposed at serving to digital asset buyers make higher selections.

Hanwha is without doubt one of 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 round in crypto startup CrossAngle in a transfer to assist the event of institutional crypto information providers.

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