South Korean corporation Hanwha Group is reportedly obtaining a stake in the parent business of major local cryptocurrency exchange Upbit.
Hanwha Investment and Securities, the securities brokerage arm of Hanwha Group, has actually reached a contract to buy a 6.15% stake in Upbit operator Dumanu for 58.3 billion won ($ 52.24 million), The Korea Herald reported on Feb. 3.
According to the report, the acquisition of 2.06 million shares is arranged to occur on Feb. 22. An agent from Hanwha said that the offer is a long-lasting financial investment for the company to stay up to date with the fast-growing fintech market and digitization:
” As we are focusing on establishing more digital services, we expect to achieve meaningful lead to fintech associated organizations. Because Dunamu currently has a high-skilled ingenious financing service, we decided to work together with the financial innovation company.”
As an operator of a major crypto exchange in South Korea, Dunamu has actually been presenting more digital possession services just recently. In mid-January, Dunamu presented the Bitcoin (BTC) “worry and greed” index planned at assisting digital property financiers make better decisions.
Hanwha is among the largest corporations in South Korea together with giants like Samsung, Hyundai, LG, and SK Group. The company has actually been actively growing its participation in the cryptocurrency and blockchain industries through its subsidiaries. In July 2020, Hanwha Investment took part in a $3 million financing round in crypto start-up CrossAngle in a transfer to support the development of institutional crypto information services.
In January, Hanwha Investment and Securities participated in $31 million funding in Stellar-based blockchain start-up Lightnet.
Title: Hanwha to obtain $52M stake in crypto exchange Upbits parent business
Sourced From: cointelegraph.com/news/hanwha-to-acquire-52m-stake-in-crypto-exchange-upbit-s-parent-company
Published Date: Wed, 03 Feb 2021 10:38:39 +0000
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Hanwha is one of the largest corporations in South Korea alongside giants like Samsung, Hyundai, LG, and SK Group. The company has been actively growing its involvement in the cryptocurrency and blockchain markets through its subsidiaries. In July 2020, Hanwha Investment got involved in a $3 million financing round in crypto start-up CrossAngle in a relocation to support the advancement of institutional crypto information services.