According to Foresight News , citing the Korea Times, Naver is expected to confirm its plan to acquire Dunamu, the operator of Upbit, South Korea's largest cryptocurrency exchange, at its board meeting next week. Sources familiar with the matter revealed that Dunamu also plans to hold a board meeting on November 26 to confirm the details of the plan.
Naver is reportedly pushing for a full share swap through its fintech subsidiary Naver Financial to make Dunamu a wholly owned subsidiary, a move aimed at expanding its business in the digital finance sector. The two companies are expected to launch a won-based stablecoin project, along with other digital finance initiatives, upon completion of the integration, which could reshape South Korea's digital finance landscape.
After both parties confirm the plan, it must be approved at a shareholders' meeting to formally initiate the integration process. Once the acquisition is completed, Dunamu Chairman Song Ji-hyung will likely become the largest shareholder of Naver Financial, while Naver will become the second largest shareholder.
