Home Business Upbit, a virtual asset exchange, became a shareholder of Woori Financial… Breaking up with K-Bank?

Upbit, a virtual asset exchange, became a shareholder of Woori Financial… Breaking up with K-Bank?

by news dir

[이데일리 김현아 기자]

As Woori Financial Group entered the path of ‘complete privatization’ for the first time in 23 years, Dunamu, the operator of ‘Upbit’, was listed as a new shareholder.

In Woori Financial’s governance structure, government intervention channels will be blocked and the private oligopoly shareholder system will be further consolidated. In particular, as Upbit, a virtual asset exchange established four years ago, owns a 1% stake, collaboration with Woori Bank in the Fintech sector is expected to be smooth.

According to the Financial Supervisory Service on the 22nd, as of the end of September, 5% or more of the major shareholders of Woori Finance were the Korea Deposit Insurance Corporation (forecast, 15.13%), the National Pension Service (9.42%), Woori Employee Stock Ownership Association (8.8%), and Novice No.1 Co., Ltd. ( IMM PE, 5.57%). The government agency, Forecast, is the largest shareholder.

However, this time, the government will acquire a 9.3% stake in Forecast, Eugene PE (4%), KTB Asset Management (2.3%), Align Partners Consortium (1%), Dunamu (1%), which operates Upbit, a virtual asset exchange, and Woori. The situation changed when it was sold to five private investors, including a stock ownership association (1%).

Real-name account partner K-Bank to Woori Bank?

Dunamu will be given a 1% stake, which is expected to increase its negotiating power in banking-related businesses. It is expected to help provide various fintech services in collaboration with financial institutions. Dunamu is operating Upbit, a virtual asset exchange, and stock trading platforms, Securities Plus and Securities Plus unlisted.

In particular, Upbit is receiving real-name confirmation deposit and withdrawal accounts (real-name accounts) from K-Bank to operate the KRW market, and collaboration with Woori Bank as well as K-Bank is expected in the future. The exchange decides whether to renew a contract with a bank every six months, and it is expected that negotiations with Woori Bank will be easier as it holds a stake in Woori Financial Group.

Upbit occupies about 80% of the domestic virtual asset exchange market. Dunamu’s sales in the first half of this year are estimated to be KRW 2 trillion and operating profit to be KRW 1.8 trillion. Upbit is earning stable profits with a transaction fee of 0.05% thanks to the enthusiasm for investing in virtual assets. Thanks to this, he bought a 2.5% stake in JYP Entertainment and secured a 700 billion won stake in Hive, a BTS agency.

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