Insured Finance Open to Synergies as Hanwha Group Pursues UpBit Acquisition
Former Colleagues of Insured Finance Pursue UpBit Acquisition
A market-shaking acquisition is about to hit the cryptocurrency market. It is believed that multi-billion dollar South Korean business conglomerate Hanwha Group is seeking to acquire a significant stake in UpBit exchange. The Hanwha Group conglomerate is a household name in the South Korean market and the company only invests in extremely reputable enterprises.
It is reported that the Investment and Securities arm of Hanwha Group will invest the equivalent of roughly $52 million to acquire a 6.15% stake in the parent company of cryptocurrency exchange UpBit. The deal is expected to finalize on February 22nd. UpBit consistently executes billions of dollars in daily trading volume, with the vast majority of the volume being traded against the South Korean Won.
All of the executive members of the Insured Finance team formerly held prominent positions at Hanwha Group. The team is thrilled to see Hanwha Group explore ventures in the cryptocurrency industry. Insured Finance will certainly be open to potential synergies with Hanwha Group associated enterprises.
UpBit is a cornerstone of cryptocurrency trading activity in the South Korean market. With Hanwha Group about to onboard as a stakeholder, the exchange will likely establish an even firmer foothold in the market. The Insured Finance executive team is thrilled to observe their former colleagues seeking further exposure in the cryptocurrency industry. The UpBit deal would follow on from recent Hanwha investments in cryptocurrency startups CrossAngle and Lightnet.