Samsung affiliates pay $408M for 4% of Dunamu (Upbit operator), replacing Kakao venture funds. Each unit pursues token securities, AI, or crypto payments, raising competitive pressure on Coinone and Bithumb.
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Three Samsung affiliates are spending 612.8 billion won ($408 million) to acquire a 4% stake in Dunamu, the operator of South Korea's dominant crypto exchange Upbit. The all-cash block sale replaces a group of Kakao venture investors with three operating companies that each bring different strategic assets into Dunamu's cap table.
Samsung Securities, the brokerage arm of Samsung Group, is taking a 2% stake. Samsung SDS, the conglomerate's IT services division, and Samsung Card, its payments subsidiary, are each picking up 1%. Together they acquire 1.39 million shares from four Kakao-affiliated investment vehicles in a single all-cash block sale. The transaction is set to close June 19.
The sellers include:
All four vehicles will fully divest their holdings in Dunamu through this transaction. Kakao's venture funds operated on a typical investment horizon. The sale provides liquidity and returns while handing Dunamu a new shareholder roster with deeper pockets and longer time frames.
The transaction closes June 19 this year. No regulatory approval appears required for a minority stake, though the Korean Financial Services Commission could review the shareholder structure change under the Act on Reporting and Use of Specific Financial Transaction Information. After closing, the three Samsung entities will each likely nominate representatives or observers to Dunamu's board, giving them influence on strategic decisions around product roadmaps and capital allocation.
The operational rationales across the three affiliates barely overlap. Each sees a different entry point into digital assets.
Samsung Securities wants to work with Dunamu on token securities. South Korea has not yet fully legalized security tokens, regulators are moving toward a framework. Samsung Securities could leverage Dunamu's exchange infrastructure and trading volume to distribute tokenized products. If the regulatory green light arrives, the brokerage has a ready partner with the largest domestic order book.
Samsung SDS is looking at ways to combine its AI, cloud, and cybersecurity capabilities with Dunamu's blockchain infrastructure. The IT arm already offers enterprise blockchain solutions. Pairing with Dunamu gives it a production-scale partner that processes trillions of won in daily trading.
Samsung Card is exploring crypto-based payment services on Samsung Financial Group's Monimo platform. The service is contingent on the introduction of won-denominated stablecoins, which the Bank of Korea has discussed but not yet approved. If stablecoins arrive, Samsung Card would have distribution ready.
A Dunamu official described the partnership as spanning blockchain-based financial products, payment infrastructure, distribution systems, and AI-powered services.
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.
The deal is not isolated. Korea Investment Holdings has acquired a stake in Coinone. Mirae Asset has moved into Korbit. The country's largest financial conglomerates are systematically buying into crypto exchange infrastructure.
Upbit has commanded somewhere north of 70% of Korean crypto trading volume at various points. Adding Samsung's distribution, technology, and regulatory relationships makes it harder for smaller exchanges to compete. The risk for Coinone, Korbit, and Bithumb is losing whatever institutional and retail flow they still capture. For context on Korean exchange dynamics, see our crypto market analysis.
South Korean regulators have pushed for stricter AML and KYC compliance across exchanges. Larger players with conglomerate backing can absorb compliance costs more easily. If smaller exchanges fail to meet upgraded standards, Upbit's market share could grow further. That would concentrate systemic risk in one operator.
Practical rule: Concentration of exchange volume raises the cost of a technical failure, hack, or regulatory action at the dominant player. The Korean crypto market now has one exchange with three-tier conglomerate backing – Samsung, Kakao (through remaining relationships), and potential future institutional partners.
Samsung's entry into Dunamu signals institutional confidence in Korean crypto infrastructure. It also raises the competitive and regulatory stakes for every other exchange in the country. The June 19 close is a concrete catalyst. After that, watch for announcements on token securities pilots and stablecoin initiatives – those will be the first test of whether the operational synergies materialize or remain theoretical.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.