Three Samsung subsidiaries will acquire a combined 4% stake in Dunamu, the company behind Upbit, South Korea's largest crypto exchange.
According to several local sources , Samsung Securities, SDS, and Card announced they will purchase 1.39 million shares of Dunamu for approximately 613 billion won (equivalent to $407.7 million). Samsung Securities will hold 2%, while SDS and Card will each hold 1%. This block of shares previously belonged to the technology group Kakao.
Reports also indicate that Samsung plans to collaborate with Dunamu in several areas:
- Securities will collaborate with Dunamu on the issuance and distribution of Tokenize securities and other digital asset services.
- SDS (Samsung's technology & logistics arm) wants to leverage Dunamu's blockchain operational expertise to expand its capabilities in AI, cloud, security, and data governance. Dunamu currently operates Giwa, a Layer 2 blockchain on Ethereum, which is in the testnet phase.
- Card is reportedly collaborating with Dunamu to develop a digital asset payment ecosystem on its Monimo financial services app, in preparation for the upcoming stablecoin regulatory framework.
Samsung's deal comes just about two weeks after Hana Bank announced the purchase of a 6.55% stake in Dunamu for approximately 1 trillion won (US$670 million).
Meanwhile, Dunamu is currently pursuing a merger/acquisition deal with Naver Financial, the financial services arm of the Naver Group.
The article "Samsung buys $408 million worth of shares in Dunamu – the company that operates Upbit" first appeared on CoinMoi .
