Three Samsung affiliates have agreed to acquire a 4% stake in Dunamu, the operator of South Korea's largest cryptocurrency exchange, Upbit, for a total of 612.8 billion won ($408 million), according to reports from the Korea Herald. Investment bank Samsung Securities is set to take a 2% stake in a 306 billion-won cash transaction, while credit card provider Samsung Card and IT arm Samsung SDS each take a 1% stake. The deals are scheduled to complete on June 19. The transaction involves acquiring 1.39 million shares from a group of Kakao-affiliated investment vehicles in an all-cash block sale.
According to Korea Herald reports, the partnership spans blockchain-based financial products, payment infrastructure, distribution systems, and AI-powered services. Samsung Securities wants to work with Dunamu on token securities, while Samsung SDS is exploring ways to combine its AI, cloud, and cybersecurity capabilities with Dunamu's blockchain infrastructure. Samsung Card is exploring crypto-based payment services on Samsung Financial Group's Monimo platform, contingent on the introduction of won-denominated stablecoins. A Dunamu official described the partnership as replacing venture-style Kakao investors with three operating companies that each bring distribution, technology, or regulatory relationships.
The transaction represents Kakao's continued divestment from its cryptocurrency operations, as reported by the Korea Herald. Kakao has now sold approximately $1.5 billion worth of equity in Dunamu in less than a month. The sellers include Kakao Investment, Kakao Ventures, the Kakao Youth Entrepreneurship Fund, and the KIF–Kakao Woori Bank Technology Finance Investment Fund, all of which will fully divest their holdings in Dunamu through the block sale.
According to the Korea Herald, Samsung Securities shares fell 2.7%, while Samsung SDS dropped 5% and Samsung Card gained 0.21% on Thursday. Kakao also slipped 1%. The investment comes as Kakao has made artificial intelligence an increasingly central part of its strategy through its 'Kanana' AI models and partnerships with OpenAI, with the cryptocurrency market in a sustained bearish mood leading companies to prioritize AI investments over crypto.
As reported by the Korea Herald, Upbit has commanded somewhere north of 70% of Korean crypto trading volume at various points, making Dunamu one of the most important exchange companies globally. The country's largest financial conglomerates are systematically buying into crypto exchange infrastructure, with Korea Investment Holdings having acquired a stake in Coinone and Mirae Asset moving to Korbit. A Samsung official said the investment is designed to strengthen each affiliate's competitiveness in digital finance and secure leadership in the fast-changing digital asset industry.
