According to recent reports, Hanwha Group, which is a prominent South Korean conglomerate is acquiring a stake in a cryptocurrency exchange’s parent company. It has been confirmed that it will be the Upbit cryptocurrency exchange’s parent company whose stakes will be acquired by the Hanwha Group.
It has been revealed on February 3, 2021, that the deal has been struck between Hanwha Investment and Securities and Dunamu. Hanwha Investment and Securities firm is the securities brokerage arm of Hanwha Group.
The information around the deal between the companies was released on February 3, 2021. As a result of the agreement, Hanwha Investment and Securities arm will be acquiring a 6.15% stake in Dunamu, which is the operator for Upbit.
The deal between the two firms has been finalized at the price of 58.3 billion won. At the time of publishing, the 58.3 billion won figure translates to $52.24. The information was gathered and shared by the South Korean local news agency known as “The Korea Herald”.
As a result of the agreement, the Hanwha Investment and Securities firm will be acquiring 2.06 million shares from Dunamu. The acquisition of the Dunamu shares has been scheduled to take place on February 22, 2021.
One of the representatives from the Hanwha Investment and Securities firm has revealed what the company plans to do with the shares. The representative has confirmed that the company plans on holding onto the shares as a long-term investment.
With this deal, the company is aiming to keep up with the latest developments and growth in the fintech industry. The company is determined to adopt the latest technologies and is aiming to adopt tokenization alongside the rest of the firms.
The spokesperson also added that the company is in the process of developing and introducing digital services and products. It is expected that the deal will turn out to be one of the best and very important decisions for the company in terms of growth in the fintech business.
In a statement, the higher-ups of the Hanwha Group shared their views about the company. They stated that Dunamu is already very advanced and one of the fastest-growing firms within terms of innovative finance service. Their company sees Dunamu as one of the efficient and fastest-growing financial technology firms. This is the reason they have decided to become partners with Dunamu and achieve new milestones.
Dunamu is the operator of one of the most prominent cryptocurrency exchanges ‘Upbit’ in South Korea. The company is responsible of introducing several products as well as more digital assets into the South Korean digital market.
One of the recent services offered by Dunamu was back around 20-days back and goes by the name “Fear and Greed” index. This index has been introduced with aims to help investors in making their decisions easily.