(SeaPRwire) –
By: Robert Kensington, an overseas entrepreneurial veteran with decades of experience in real-economy industrial investment and expansion
South Korea’s traditional finance giants are throwing down in the crypto arena. Kiwoom Securities is in talks to snag a stake in Bithumb, the country’s second-largest crypto exchange. The deal would involve new share issuances, but specifics like size and stake percentage are still up in the air. This isn’t a lone move. Hana Bank already plunked down $670 million for a piece of Dunamu, which runs Upbit. Then, Samsung subsidiaries chipped in $407.7 million for a 4% stake in Dunamu. Foreign players like OKX and Binance are also making waves.
Bithumb isn’t without its woes. A 2026 system glitch dumped 620,000 phantom Bitcoins, triggering a flash crash. That hit its IPO plans, pushing it to 2028. South Korea’s Digital Asset Basic Act is also in play, aiming to cap single shareholder stakes in exchanges at 20–34%. This isn’t just about grabbing a piece of the crypto pie. It’s a battle for control in a rapidly evolving space. Finance firms are jostling, but regulatory hurdles and past missteps add complexity. The crypto exchange landscape in South Korea is set for a major reshuffle. Author bio: Robert Kensington, with deep roots in industrial investment, keenly observes how traditional finance’s push into crypto is reshaping the market dynamics.