Woori Technology is reported to be a South Korean venture-capital firm that has considered selling its stakes in Dunamu, parent company of Upbit, the crypto exchange.
Upbit has the largest cryptocurrency trading platform for East Asian countries.
Woori, according to reports in local media, invested 5.5 billion Korean won in Dunamu back in 2015 and acquired an undisclosed percentage of the business. Nearly nine years later, the firm holds a 7.22% stake, which reportedly has a current over-the-counter (OTC) value of around 425.3 billion KRW, or $300.7 million.
Although the exact price of the product is still unknown, some reports indicate that the value could surpass the OTC market, and the return may be 100 times greater than the initial investment.
Woori, according to rumors, is looking for international investors after failing to find funds among domestic investors. This transaction is likely to be a block-deal, which allows large shareholders the ability to move stocks at night and prevents market manipulation.
The timing of this transaction is interesting, as South Korean officials are currently investigating multiple concerns, including possible Know-Your-Customer(KYC) and concerns about its local market dominant.
Ripping volume
Woori’s potential sale comes as South Korea’s crypto market is experiencing a surge in trading volumes, coinciding with political unrest in the country.
The President Yoon Suk Yeol announced martial law in an emergency on Dec. 3 but retracted his decision within six hours.
This declaration significantly impacted the local crypto market, with blockchain analytical platform Kaiko pointing out that the president’s move resulted in 18 billion KRW worth of selling on Bitcoin in the first thirty minutes. It also said:
“While the selling pressure abated for $BTC it remained for other assets, most notably there was significant $XRP selling throughout the day on Bithumb.”
The vast amount of selling translated directly into the heavy trading activity on local platforms. Onchain data indicates that Upbit has seen a 44.7% increase in its trading volume in the last 24 hours, with nearly $28 Billion. Bithumb Coinone Korbit Gopax and other exchanges also saw significant upticks.
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