Hana Bank, a subsidiary of Hana Financial Group, has agreed to acquire a 6.55% stake in Dunamu, the operator of South Korea’s largest cryptocurrency exchange, Upbit, in a deal valued at about $670 million, according to a Bloomberg report.

The transaction marks one of the largest investments by a South Korean bank into a crypto-related company and reflects growing institutional acceptance of digital assets in the country. The shares are being purchased from Kakao Investment, an affiliate of Kakao, which will significantly reduce its ownership stake in Dunamu following the sale.

According to reports, Hana Bank will acquire approximately 2.28 million shares in Dunamu for around 1 trillion won, with the deal expected to…