Samsung Securities, Samsung SDS, and Samsung Card agreed to buy a combined 4% stake in Dunamu, the Seoul-based operator of Upbit, for 612.8 billion won, or about $408 million, from a Kakao affiliate.

Dunamu operates Upbit, South Korea’s largest cryptocurrency exchange.

Samsung Securities will acquire 2%, while Samsung SDS and Samsung Card will each take 1%.

The deal gives the Samsung affiliates exposure to Upbit, which reportedly commands about 80% of South Korea’s crypto trading market by volume.

The companies said the investment targets tokenized securities, blockchain-based financial services, and digital-asset payments.

Samsung Card said any payment partnership would depend on the introduction of won-based stablecoins in Korea.

The sale would reduce Kakao-linked ownership in Dunamu.

Kakao owned 8.1% of Dunamu at the end of 2020, though the source article did not identify which Kakao affiliate is selling the shares.

🔗 Source: The Korea Times

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