Upbit, will it eventually become the center of financial super apps? The reason Samsung, Hana, and Hanwha flocked to it

▲ Not just an exchange…Upbit, will it become Korea's digital financial hub?/AI generated image

As discussions on the introduction of KRW stablecoins and the enactment of the Digital Asset Framework Act gain momentum, the power dynamics of the domestic virtual asset market are rapidly being reorganized. Traditional financial institutions and large corporations such as Hana Financial, Samsung, and Hanwha are making large-scale equity investments centered around Dunamu, the operator of Upbit, Korea's No. 1 virtual asset exchange, signaling the full-fledged ignition of competition for leadership in next-generation digital finance. The industry interprets this not as a mere financial investment, but as a strategic move to preempt the future markets for security tokens (STO), real-world assets (RWA), and stablecoin payments.

Recently, Dunamu's shareholder structure has undergone rapid changes. Hana Bank decided to acquire Kakao Investment's 6.55% stake in Dunamu for approximately 1.033 trillion KRW, while Samsung Securities, Samsung SDS, and Samsung Card secured a 4.0% stake in Dunamu, totaling 612.8 billion KRW. Hanwha Investment & Securities also invested an additional 597.8 billion KRW, expanding its stake from 5.94% to 9.84%, becoming a major shareholder. With financial institutions and large corporations largely entering the void left by Kakao affiliates, once key strategic investors in Dunamu, who have virtually divested their holdings, it is being evaluated that the market's center of gravity itself is shifting.

The aggressive acquisition of exchange stakes by financial institutions is underpinned by Dunamu's already established competitive digital financial infrastructure. Upbit possesses a real-name account-based system, Know Your Customer (KYC), Anti-Money Laundering (AML), digital asset storage and withdrawal systems, and blockchain operation experience. From the perspective of financial companies, it is analyzed that it is much more efficient to cooperate with existing platforms rather than building infrastructure from scratch after relevant regulations are in place. The financial authorities also recently hinted at a more flexible stance on the principle of financial and virtual asset industry separation (Kumgabunri), creating an atmosphere where the boundaries between traditional finance and the digital asset industry are rapidly blurring.

Each company is also envisioning specific business synergies through collaboration with Dunamu. Samsung Securities is reviewing the issuance and distribution of security tokens and the expansion of digital asset services, while Samsung SDS plans to strengthen its next-generation digital financial infrastructure business by integrating blockchain technology with its AI, cloud, and security capabilities. Samsung Card is considering the possibility of building a digital asset payment ecosystem linked to its integrated financial platform 'Monimo' if KRW stablecoins are introduced in the future. Hana Bank is also reportedly considering stablecoin distribution and the expansion of real-name account-based businesses. The industry is also noting the possibility of a full-fledged 'super app' competition in the long term, where stocks, virtual assets, and stablecoins can be traded together within a single platform.

Dunamu is also accelerating its transformation for future business expansion. At a recent extraordinary general meeting of shareholders, a new board of directors was formed to strengthen global business and AI competitiveness. Park Hyun-joong, Head of Global Cooperation with experience in global IT platforms, was appointed as a new internal director, and Do Kyu-sang, former Vice Chairman of the Financial Services Commission, and Lee Sang-gu, a renowned professor in AI from Seoul National University's Department of Computer Science and Engineering, also newly joined. Dunamu is currently pursuing a comprehensive stock exchange procedure with Naver Financial, a subsidiary of Naver. Oh Kyung-seok, CEO of Dunamu, stated that they are reviewing the expansion of institutional and foreign customers and the possibility of entering Southeast Asian and US markets, expressing their commitment to transforming into a global digital financial platform beyond a fee-centric business structure.

However, there are as many variables as there are market expectations. Regulations related to KRW stablecoins and the Digital Asset Framework Act are still in the parliamentary discussion stage, and the Fair Trade Commission's merger review and government approval are also considered key variables. The recent temporary weakening of Dunamu's profitability due to a slowdown in virtual asset trading is also a burden. Nevertheless, the prevailing view in the industry is that the recent series of investments by financial institutions itself signals a restructuring of the digital financial market. With the boundaries between traditional finance and the digital asset industry rapidly blurring, Upbit and Dunamu are increasingly likely to establish themselves as the central axis of change in Korea's future digital financial ecosystem.

*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.*