Upbit's Next 10 Years…Dunamu's 'On-chain Finance' Gambit with Hana Financial's 1 Trillion Won Bet

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With Hana Financial's 1 trillion won investment, coupled with Naver and an on-chain strategy, Dunamu, the operator of Upbit, is accelerating its transformation from a simple virtual asset exchange into a 'digital financial infrastructure company.' The market even evaluates this as "a signal for the integration of domestic finance, Web3, and big tech into a single axis."

On the 15th, Hana Financial Group decided through a Hana Bank board meeting to acquire 2,284,000 shares (6.55%) of Dunamu held by Kakao Investment for approximately 1.0033 trillion won. As a result, Hana Bank will become Dunamu's fourth-largest shareholder. The industry is noting that this is the largest investment made by a domestic commercial bank in a digital asset company. In particular, the fact that it went beyond a real-name account partnership to direct equity investment suggests that the relationship between traditional financial institutions and the virtual asset industry has entered a new phase.

At the same time, Dunamu is also accelerating its business structure transformation. Dunamu CEO Oh Kyung-seok recently announced plans to launch its own wallet and blockchain infrastructure within the year, stating in a special lecture at Korea University's 'UP Class' that "Upbit will leap beyond an exchange to become an on-chain financial platform." The plan is to connect Upbit's 13 million users to the Web3 market and expand its business into stablecoin-based remittances, payments, and financial product tokenization markets. Dunamu is currently pursuing expansion into Vietnam, following Singapore, Indonesia, and Thailand.

Market analysis also suggests that Dunamu is rapidly improving its business structure to shed its image as an 'Upbit fee company.' In fact, approximately 98% of Dunamu's revenue comes from Upbit's trading fees. In contrast, Coinbase in the US has diversified its business portfolio with stablecoins, staking, and payment infrastructure, receiving a valuation as a 'financial infrastructure company' rather than just an 'exchange.' The industry believes that with the expansion of the security token offering (STO), stablecoin, and digital asset custody markets, and the full entry of securities firms and big tech into the digital asset market, Dunamu is also at a critical juncture to secure new growth drivers.

In particular, the potential combination with Naver Financial is considered one of the biggest variables in the industry. The Fair Trade Commission is currently reviewing the merger between Dunamu and Naver Financial, and the industry is focusing on the possibility of a super-large digital financial platform emerging if the merger is successful, connecting Upbit's liquidity, Naver's AI/IT infrastructure, and Naver Financial's payment ecosystem. CEO Oh also emphasized, "If Dunamu's liquidity and Web3 capabilities combine with Naver's AI infrastructure, technology can become an everyday reality."

However, challenges remain. Concerns are growing that Upbit's monopolistic structure could be shaken in the long term as STO institutionalization and the entry of financial institutions into digital assets accelerate. Major securities firms such as Mirae Asset Securities, KB Securities, and NH Investment & Securities are already accelerating their expansion into the digital asset and security token markets. Industry analysis suggests that "before the era of turning on Upbit to buy coins ends, Dunamu needs to prove itself as a financial infrastructure platform."

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*