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- South Korea-based investment and securities company Hanwha has purchased $52 million stakes in Upbit
- The deal will be finalized by February 22, 2021
- This investment is strategic as Upbit is expanding its services both locally as well as worldwide
Hanwha Investments and Securities company has bought $52 million worth of stake in cryptocurrency exchange platform Upbit, both of which are based in South Korea.
Crypto Exchange Gains Major Investments
Hanwha, an investments and securities company, based in South Korea, is set to gain a major stake in the parent organization of prominent digital currency exchange platform Upbit. As per reports published in The Korea Herald, Hanwha Group’s business arm has decided to acquire a 6.15% stake in Upbit’s administrator Dunamu. This deal will involve investments worth $52.24 million.
As indicated by the report, the deal of 2.06 million shares is set to be finalized on February 22. A delegate from Hanwha said that the arrangement is a drawn-out venture for the organization to stay in touch with the rapidly developing fintech industry and digitization. It was highlighted that the investment company is zeroing in on growing more digital administrations. They are envisioning the accomplishment of significant outcomes in fintech-related organizations. Since Dunamu has an inventive and highly-skilled financial service currently, Hanwha chose to help out the cryptocurrency innovation firm.
Amalgamation Of Major Players In Crypto Industry
As an operator of a significant crypto trade in South Korea, Dunamu has been presenting more advanced resource benefits as of late. In mid-January, Dunamu presented the Bitcoin (BTC) index titled “fear and greed”. This was aimed at providing guidance to digital currency financial backers so that they are capable of making better decisions.
Hanwha is one of the largest firms in South Korea. It falls in the category of giants like Samsung, LG, SK Group, and Hyundai. The organization has been developing its contribution effectively in the digital currency and the blockchain business through its subsidiaries. In July 2020, Hanwha Investment was a participant in a $3 million subsidizing round for crypto startup CrossAngle. This funding was intended to facilitate the advancement of institutional crypto information services.
In January, Hanwha Investment and Securities partook in a $31 million funding round for blockchain startup Lightnet, which functions on the Stellar network. Its purchase of Upbit’s shares come at a fruitful time, as the latter aims to expand services locally and throughout the world.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
