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Buying Dunamu stakes to seek synergy with Naver… IT and foreign companies also join in
Securities firms likely to attempt a Korean version of 'Robinhood'… 'Financial-virtual asset separation' becomes meaningless
Ahead of the introduction of KRW stablecoins, an all-out scramble for stakes in virtual asset service providers (VASPs) is intensifying.
Not only domestic commercial banks, securities firms, and credit card companies, but also information technology (IT) companies and foreign companies are all eyeing exchange stakes, anticipating a major shift in the industry landscape.
Hana Financial Group fired the starting gun.
Hana Bank made a surprise announcement on the 15th that it would acquire a 6.55% stake in Dunamu, the operator of virtual asset exchange Upbit, held by Kakao Investment, for 1.0033 trillion won.
1 trillion won is an enormous sum, enough to acquire an entire medium-to-large financial affiliate, indicating a bold bet on the future of the company.
Following this, affiliates of Samsung Group and Hanwha Group joined in, drawing attention.
Samsung Securities [016360], Samsung SDS, and Samsung Card [029780] announced on the 28th the acquisition of a 4.0% stake in Dunamu held by Kakao Investment, while Hanwha Investment & Securities [003530] announced on the 20th the additional acquisition of a 3.90% stake.
These companies appear to have invested with the situation in mind that Dunamu is pursuing a merger with Naver Financial, a subsidiary of Naver, through a comprehensive stock swap.
This is because acquiring a stake in Dunamu can secure competitiveness in the virtual asset business and achieve a 'two birds with one stone' effect by aiming for business synergy with Naver.
In particular, the simultaneous acquisition of Dunamu stakes by three Samsung Group affiliates has been interpreted as a result of Samsung Securities' interest in tokenized securities, Samsung SDS's interest in infrastructure, and Samsung Card's interest in stablecoin distribution.
Furthermore, securities firms also appear to be considering launching platforms that can integrate trading of listed stocks and virtual assets, similar to the US online trading platform 'Robinhood'.
A securities industry official said on the 31st, "Investing in exchange stakes is the best investment for entering new markets and preparing for new businesses," adding, "The fact that securities firms, having secured cash due to the recent stock market boom, have no immediate suitable place to invest also likely played a role."
Not only Dunamu, the industry's top player, but also investments in other KRW virtual asset exchanges are heating up.
Mirae Asset Consulting, an affiliate of Mirae Asset Group, decided in February to acquire a 92.06% stake in virtual asset exchange Korbit for 133.5 billion won, and is currently awaiting the results of the Fair Trade Commission's corporate merger review.
Korea Investment & Securities and OKX Ventures also signed an agreement on the 29th to acquire 20% each of some existing shares and new shares held by Coinone's largest shareholder, CEO Cha Myung-hoon, and second-largest shareholder, Com2uS Holdings [063080].
OKX Ventures is the investment arm of global virtual asset exchange OKX, and its acquisition of a stake in a KRW exchange marks the second time a major overseas exchange has done so, following Binance's acquisition of a stake in Streami (Gopax).
In addition to Hana Financial, which has partnered with Dunamu, KB, Shinhan, Woori, and NH Nonghyup Financial are also reportedly exploring the possibility of forming consortia or collaborations among their key banking affiliates.
As large financial institutions competitively invest in virtual asset exchange stakes, some are evaluating that the principle of 'financial-virtual asset separation' has effectively become meaningless.
Beyond Naver, which Dunamu has already partnered with, Kakao [035720] and Toss are also being mentioned as potential collaboration partners for securing stakes in virtual asset exchanges, excluding financial institutions.
An official from the virtual asset industry said, "There seems to be a sense of urgency now that 'if we don't enter now, we might miss the market'," adding, "I understand that many companies, besides those already known, are considering investing in exchange stakes."
However, it remains uncertain when the discussions on the 'Digital Asset Basic Act,' which is known as the second phase of virtual asset legislation and includes stablecoin-related provisions, will conclude.
Additionally, the results of the Fair Trade Commission's corporate merger review for Dunamu and Naver Financial, and Mirae Asset Consulting and Korbit, are also uncertain, leading to the assessment that the situation is fluid.
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