Naver Financial, the financial subsidiary of South Korea's largest internet portal, Naver, has recently made a series of moves, officially acquiring Dunamu, the operating company of the virtual asset exchange Upbit, through a share swap . This acquisition not only demonstrates Naver's ambitions in the digital financial market but also symbolizes the deep integration between traditional technology companies and blockchain giants.
A "full share exchange" is a merger and acquisition (M&A) method conducted through a share swap, without using cash. Through this model, both parties will establish a parent-subsidiary-like governance structure, fostering a closer partnership.
Naver and Dunamu team up to launch stablecoin business
One of the key points of this acquisition is the joint venture between the two companies into the Korean won-based stablecoin market. With an annual payment transaction volume of 80 trillion won, Naver Financial, combined with Dunamu, which owns Upbit, South Korea's largest and the world's fourth-largest virtual asset exchange, will expand from e-commerce to payments, cryptocurrency, and stablecoin trading, creating a comprehensive financial ecosystem.
According to industry sources, the two parties have already been working closely on the stablecoin project. This strategic alliance through a share exchange is undoubtedly a key step in formally expanding the digital financial landscape.
Aiming at overseas markets, building a global Fintech enterprise
This isn't just a local financial consolidation event in South Korea; it also marks the beginning of Naver and Dunamu's joint global fintech expansion. According to industry sources, "This partnership will serve as a springboard for both companies to become global fintech companies."
Naver and Dunamu plan to use stablecoins as a key product for their international expansion, particularly in cross-border payments and global user asset management, which will provide them with a competitive advantage. By combining Naver's technology platform and user base with Upbit's expertise in blockchain and exchanges, the two companies are expected to form a formidable combined force in the digital finance sector.
The article Line’s parent group Naver acquires Upbit’s parent company Dunamu, making a strong entry into the stablecoin market first appeared in ABMedia ABMedia .
