Naver is often called the “Google of South Korea,” and is the top search engine in the country. Upbit Korea is the largest crypto exchange in South Korea.
Naver Financial, the fintech arm of South Korean tech conglomerate Naver, is reportedly forging ahead with a plan to acquire Dunamu, which operates the country’s largest crypto exchange, Upbit, amid plans for a stablecoin project and expansion into the digital finance sector.
Naver will acquire Dunamu by making it a subsidiary via a share exchange, and board meetings to approve the stock swap will happen soon, South Korean news agencies Yonhap News and Chosun reported on Thursday, citing industry sources.
Naver and Dunamu didn’t immediately respond to a request for comment.
