South Korean conglomerate Hanwha Group is supposedly obtaining a stake in the moms and dad business of major local cryptocurrency exchange Upbit.
Hanwha Investment and Securities, the securities brokerage arm of Hanwha Group, has actually reached a contract to buy a 6.15% stake in Upbit operator Dumanu for 58.3 billion won ($ 52.24 million), The Korea Herald reported on Feb. 3.
According to the report, the acquisition of 2.06 million shares is scheduled to occur on Feb. 22. A representative from Hanwha said that the deal is a long-term financial investment for the business to keep up with the fast-growing fintech market and digitization:
” As we are concentrating on establishing more digital services, we expect to attain significant lead to fintech related companies. Given that Dunamu currently has a high-skilled ingenious finance service, we chose to work together with the monetary innovation firm.”
As an operator of a significant crypto exchange in South Korea, Dunamu has been introducing more digital property services just recently. In mid-January, Dunamu presented the Bitcoin (BTC) “fear and greed” index planned at helping digital property investors make better choices.
Hanwha is among the biggest conglomerates in South Korea along with giants like Samsung, Hyundai, LG, and SK Group. The business has been actively growing its involvement in the cryptocurrency and blockchain industries through its subsidiaries. In July 2020, Hanwha Investment took part in a $3 million funding round in crypto startup CrossAngle in a relocation to support the advancement of institutional crypto information services.
In January, Hanwha Investment and Securities participated in $31 million financing in Stellar-based blockchain startup Lightnet.
Title: Hanwha to get $52M stake in crypto exchange Upbits moms and dad company
Sourced From: cointelegraph.com/news/hanwha-to-acquire-52m-stake-in-crypto-exchange-upbit-s-parent-company
Published Date: Wed, 03 Feb 2021 10:38:39 +0000
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Hanwha is one of the biggest conglomerates in South Korea alongside giants like Samsung, Hyundai, LG, and SK Group. The company has been actively growing its involvement in the cryptocurrency and blockchain markets through its subsidiaries. In July 2020, Hanwha Investment got involved in a $3 million financing round in crypto startup CrossAngle in a move to support the development of institutional crypto data services.