Naver Corp.’s headquarters in Seongnam, south of Seoul (Image courtesy of Yonhap)
SEOUL, Sept. 25 (Korea Bizwire) — Naver Corp. is expected to acquire Dunamu Inc., the operator of South Korea’s largest cryptocurrency exchange, Upbit, as a wholly owned subsidiary as part of its push to expand into the digital finance sector, industry sources said Thursday.
Naver plans to carry out a comprehensive stock swap through its fintech subsidiary, Naver Financial, to make Dunamu a wholly owned subsidiary, according to the sources.
“The two companies are each expected to soon hold board meetings to approve the comprehensive stock swap,” a source familiar with the matter said.
Based on the integration, the two firms are expected to launch a won-backed stablecoin project, along with other digital finance initiatives, a move that could reshape South Korea’s digital finance landscape.
Upbit, operated by Dunamu, is the country’s No. 1 and the world’s fourth-largest crypto exchange in terms of trading volume.
(Yonhap)
