Kakao Sells $670 Million Stake In Korean Crypto Exchange Operator Dunamu To Hana Bank The recent sale of a $670 million stake in Dunamu, operator of the popular Korean cryptocurrency exchange Upbit, by internet giant Kakao marks a significant development in South Korea's burgeoning fintech sector.
The deal underscores a broader trend: the maturation of South Korea's crypto market and the emergence of new players. Kakao first invested in Dunamu in 2013 when the company was still a news aggregator.
However, after pivoting to fintech with the launch of stock trading platform StockPlus and later Upbit, Dunamu's cofounders Song Chi hyung and Kim Hyoung nyon have become household names and their company a force to be reckoned with in Korea.