Samsung to Acquire $408 Million Stake in South Korea's Leading Crypto Exchange Dunamu
Samsung units to buy $408 million stake in South Korea’s biggest crypto exchange
Image: Coindesk
Samsung affiliates will purchase a 4% stake in Dunamu, operator of South Korea's largest cryptocurrency exchange, Upbit, for $408 million. This acquisition follows Kakao's recent divestments totaling $1.5 billion in Dunamu, reflecting a shift in investment focus amid a bearish crypto market.
- 01Samsung Securities will acquire a 2% stake in Dunamu for 306 billion won (approximately $200 million).
- 02The total investment from three Samsung affiliates amounts to 612.8 billion won ($408 million).
- 03Kakao has sold about $1.5 billion worth of its equity in Dunamu in less than a month.
- 04Samsung has been involved in the cryptocurrency sector since launching its digital asset wallet in 2019.
- 05Recent market conditions have shifted investment focus from cryptocurrency to artificial intelligence for major companies.
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Samsung affiliates are set to acquire a total of 4% of Dunamu, the operator of South Korea's largest cryptocurrency exchange, Upbit, for 612.8 billion won ($408 million). This includes a 2% stake by Samsung Securities for 306 billion won and 1% stakes each from Samsung Card and Samsung SDS. The acquisition follows a significant divestment by Kakao, which has sold approximately $1.5 billion in equity in Dunamu within a month. This includes a recent sale of a 6.55% stake to Hana Bank and a 600 billion won stake to Hanwha Investment and Securities. The cryptocurrency market's bearish trend has prompted many tech giants, including Kakao, to pivot towards artificial intelligence, impacting their investment strategies. Despite the acquisition, Samsung's stock performance showed mixed results, with Samsung Securities and Samsung SDS experiencing declines, while Samsung Card saw a slight increase.
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The acquisition reflects Samsung's continued investment in the cryptocurrency sector despite market challenges, potentially affecting local market dynamics.
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