South Korea's venture capital market is showing signs of recovery, with investment in unlisted startups and SMEs reaching KRW 3.35 trillion (approximately $2.4 billion) in May, marking three consecutive months above KRW 1 trillion for the first time since 2022. However, the recovery is highly concentrated rather than broad-based. Excluding a KRW 2.22 trillion secondary acquisition of cryptocurrency exchange Dunamu, actual monthly investment was KRW 995 billion. Large early-stage deals over KRW 10 billion increased 41% year-on-year to 31 deals, with total funding surging 169% to KRW 829 billion. Investment is concentrating in AI, robotics and deep tech, with large early-stage rounds now representing 75% of total early investment, up from 45% last year. Experts warn this concentration could limit ecosystem diversity and create sector-specific bubble risks.

Hana Bank buys $670M Dunamu stake as Upbit stablecoin push deepens. Last updated: May 15, 2026 5:16 am Hana Financial Group has approved a 1 trillion won purchase of Dunamu shares through Hana Bank, giving one of South Korea's largest commercial banking groups a direct equity stake in the operator of Upbit. The deal is worth about $669 million to $670 million and gives Hana Bank a 6.55% stake in Dunamu, making it the company's fourth-largest shareholder after completion. The shares are being acquired from Kakao Investment, whose Dunamu holding will fall from 10.58% to about 4% after the sale. Dunamu operates Upbit, South Korea's largest crypto exchange, with Korean financial coverage and regulatory filings placing its domestic market share above 80% of virtual asset trading volume. The investment is one of the clearest signs yet that Korea's largest financial groups are moving beyond real-name account partnerships and into direct digital-asset infrastructure. For Hana, the deal provides exposure to the country's dominant exchange operator. For Dunamu, it brings a systemically important banking partner closer to its exchange, blockchain and settlement ambitions. The timing fits a market where South Korea's crypto trading activity remains globally relevant. Won-based trading has often shaped altcoin liquidity, and Upbit remains one of the first exchanges global traders watch when Korean retail demand accelerates. Won stablecoin infrastructure becomes the bigger prize. The equity deal came alongside a memorandum of understanding between Hana Financial and Dunamu to develop future financial infrastructure. The firms plan to advance Dunamu's Global Infrastructure for Web3 Access, or GIWA Chain, as a core layer for digital finance and Korean blockchain services. The most important piece is stablecoin infrastructure. Hana and Dunamu plan to cooperate on a Korean won stablecoin ecosystem covering issuance, circulation, usage and redemption. That makes the partnership more than a passive investment in an exchange operator. It links bank balance-sheet credibility, exchange distribution and blockchain settlement technology in one domestic market. GIWA Chain is an Ethereum-based Layer 2 blockchain developed by Dunamu and currently positioned for financial applications. Dunamu has already been working with Hana Financial and POSCO International on blockchain-based remittance and trade-settlement verification, including efforts to connect Hana's foreign-exchange network with POSCO's global supply-chain operations. Stablecoins are becoming a policy and infrastructure race in Korea. Circle has already met major Korean exchanges and banks, while making clear that any won stablecoin role would likely depend on local issuers rather than Circle issuing the token itself. Korea's broader stablecoin framework remains under debate, with regulators, banks and exchanges still working through reserve rules, redemption obligations and issuer oversight. Banks are turning crypto into settlement infrastructure. Hana's Dunamu stake shows how the Korean market is moving from crypto access toward payment and settlement infrastructure. A bank-backed won stablecoin could give exchanges, merchants, remittance firms and financial institutions a regulated domestic settlement asset, but the model will depend on reserve design, redemption rights, capital rules and regulatory approval. Upbit gives the partnership immediate distribution. Hana gives it banking rails, foreign-exchange experience and institutional credibility. Dunamu adds exchange liquidity, user reach and the GIWA Chain stack. The concrete next steps are completion of the stake purchase, further GIWA Chain development and any formal stablecoin rules that determine whether Korean banks can move from partnership agreements to live won-denominated issuance.