Samsung Securities, Samsung SDS, and Samsung Card will collectively acquire a 4% stake in Dunum, the operator of South Korean cryptocurrency exchange Upbit, in a deal that will expand the Samsung affiliate’s exposure to the country’s digital asset market, local media reported.
According to local reports from Yonhap News and ZDNet Korea, three Samsung affiliates held a board of directors meeting on Thursday and approved the purchase of 1.39 million Dunam shares held by Kakao affiliates for 612.8 billion won ($408 million). Samsung Securities will acquire a 2% stake, and Samsung SDS and Samsung Card will each acquire a 1% stake.
The investment comes weeks after Samsung SDS reportedly won a contract to build a blockchain-based securities platform in South Korea, expanding Samsung’s foray into digital assets and placing Samsung affiliates in both regulated tokenized securities infrastructure and private cryptocurrency exchange and payment rails.
The deal also follows another major Dunam investment by the South Korean financial group. On May 15, Hana Financial Group announced that it will acquire a 6.55% stake in Dunum from Kakao Investment for more than $668 million, becoming the fourth largest shareholder in the Upbit operating company.
According to reports, Samsung Securities plans to cooperate with Dunamu on tokenized securities issuance and distribution and digital asset services, while Samsung SDS plans to combine its IT, artificial intelligence, cloud, security, and data capabilities with Dunamu’s blockchain operations experience.
As South Korea prepares rules for won-denominated stablecoins and tokenized securities, Samsung Card is expected to explore use cases for digital asset payments with Dunamu, such as through Samsung Financial Networks’ integrated app Monimo.
Cointelegraph reached out to Samsung and Dunam for more information, but did not receive a response prior to publication.
Samsung builds digital asset collaboration ahead of regulatory framework
Samsung’s investment in Dunamu follows another recent blockchain infrastructure move by the group. In early May, Samsung SDS reportedly won a contract to build and operate Korea Securities Depository Center’s blockchain-based securities platform, which is expected to support South Korea’s future tokenized securities framework.
South Korea is preparing to formalize its tokenized securities framework after lawmakers passed amendments to the Electronic Registration Law and the Financial Investment Services and Capital Markets Law in January. The FSC said the changes would make blockchain-based distributed ledgers legally recognized as securities registries and place the KSD at the center of market infrastructure.
The framework is expected to come into effect on February 4, 2027, following updates to the underlying rules and the setup of related infrastructure.
Related: Naver-Dunamu filing sets IPO committee, fintech group’s listing schedule
According to local reports, Samsung Card is exploring digital asset payment use cases with Dunamu through Samsung Financial Networks’ integrated app Monimo, but the two companies have not announced any stablecoins or payment products.
South Korea’s Financial Services Commission announced in January that it was continuing to consult with relevant institutions on the country’s second phase of virtual asset legislation, but cautioned that key details, such as the structure of stablecoin issuers, had not yet been finalized.
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