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Hanwha Group Acquiring A Stake In The Parent Company Of Upbit

Hanwha Group, a South Korean company is officially obtaining a stake in the parent company of the leading local cryptocurrency exchange Upbit.

South Korean giant Hanwha Group will acquire a 6.15% stake in the operator of #crypto exchange @upbitglobal — Cointelegraph (@Cointelegraph) February 3, 2021

The Korea Herald published on Feb. 3. that Hanwha Investment and Securities, Hanwha Group’s securities brokerage arm, has come into an agreement to purchase a 6.15% stake in Upbit’s Dumanu operator for 58.3 billion won ($52.24 million).

The report stated that the purchase of 2.06 million shares is expected to take place on Feb. 22. The deal is a long-term investment for the company to keep up with the fast-growing fintech industry and digitization, a Hanwha representative said:

“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.”

Dunamu has been launching further digital asset services lately as the operator of a major crypto exchange in South Korea. Towards mid-January Dunamu launched the Bitcoin (BTC) “fear and greed” index to help digital asset investors make better decisions.

Along with major companies like Samsung, Hyundai, LG, and SK Group, Hanwha is one of the largest companies in South Korea. The Hanwa Investment has been significantly developing its involvement in the cryptocurrency and blockchain industries through its subsidiaries. Hanwha Investment took part in a $3 million funding round in crypto startup CrossAngle in an effort to promote the growth of institutional crypto data services.

Hanwha Investment and Securities participated in $31 million funding in Stellar-based blockchain startup Lightnet in January.

Source: Cointelegraph | Image: freepik

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