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Naver Stock Up 11% On Tie-Up Talks With Korean Crypto Exchange Giant Dunamu
Naver Financial plans a stock swap to acquire Dunamu, operator of Upbit, integrating crypto trading with payment services and supporting a Korean won-backed stablecoin, amid a $2.9 billion daily trade volume.
- Naver and Dunamu are currently in discussions about a stock exchange deal that would result in Naver Financial acquiring full ownership of Dunamu.
- These discussions arise amid a broader push by Naver to expand into digital finance and asset management, with no definitive deal confirmed yet by either company.
- Dunamu operates Upbit, South Korea's largest cryptocurrency exchange, while Naver Financial processes approximately 80 trillion won in annual payments and supports 33 million Naver Pay users.
- Naver shares surged over 11 percent following news of the talks, with analysts noting that consolidating Dunamu's profits could positively impact Naver’s earnings and boost its market value.
- The affiliation could spur innovation and greater crypto adoption in South Korea but may face regulatory scrutiny and challenges integrating differing corporate cultures and technologies.
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31 Articles
31 Articles
(Seoul = Yonhap News) Reporter Kim Kyung-hee = Naver is incorporating Dunamu, which operates Upbit, into its affiliates.
·Korea, Republic of
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Korea’s Naver Acquires Upbit Operator Dunamu in a Bold Digital Finance Expansion
Naver has acquired Upbit operator Dunamu through a stock swap, combining South Korea’s largest online platform with its leading crypto exchange to launch a won-pegged stablecoin and pursue global fintech growth. South Korea’s Naver and Dunamu Unite for Global Fintech Push South Korea’s Naver Financial, the fintech arm of internet giant Naver, has acquired Dunamu, […]
Coverage Details
Total News Sources31
Leaning Left1Leaning Right1Center2Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 25%
C 50%
R 25%
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