South Korean conglomerate Hanwha Group is reportedly buying a stake within the guardian firm of main native cryptocurrency alternate Upbit.Hanwha F
South Korean conglomerate Hanwha Group is reportedly buying a stake within the guardian 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.Three billion gained ($52.24 million), The Korea Herald reported on Feb. 3.
In line with the report, the acquisition of two.06 million shares is scheduled to happen on Feb. 22. A consultant from Hanwha stated that the deal is a long-term funding for the corporate to maintain up with the fast-growing fintech business and digitization:
“As we’re specializing in growing extra digital companies, we anticipate to realize significant leads to fintech associated companies. Since Dunamu already has a high-skilled revolutionary finance service, we determined to cooperate with the monetary know-how agency.”
As an operator of a serious crypto alternate in South Korea, Dunamu has been introducing extra digital asset companies not too long ago. In mid-January, Dunamu launched the Bitcoin (BTC) “concern and greed” index meant 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 via its subsidiaries. In July 2020, Hanwha Funding participated in a $Three million funding spherical in crypto startup CrossAngle in a transfer to help 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.