Naver Financial, the fintech arm of South Korea’s Naver Corp., will acquire Dunamu, the operator of Upbit, in a share-swap deal approved by its board on November 26.

Dunamu runs Upbit, South Korea’s largest crypto-exchange and among the world’s top four by trading volume.

The share-swap will see each Dunamu share exchanged for 2.54 Naver Financial shares.

The companies will seek shareholder approval before starting the integration process.

Naver Financial said the move aims to expand its digital asset and finance offerings.

Analysts expect the deal to enable Naver Financial to explore projects such as a won-backed stablecoin and other digital finance initiatives.

The transaction could create a financial platform valued at about 20 trillion won (US$13.6 billion).

🔗 Source: Yonhap

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