South Korea's Top Crypto Exchange to Be Absorbed By Tech Giant in $10.3 Billion Deal
Naver Financial has agreed to acquire Dunamu, the operator of South Korea’s largest crypto exchange Upbit, in a $10.29 billion all-stock deal, pending regulatory approval. Naver will issue 2.54 new shares for each Dunamu share, making Dunamu’s leadership the largest shareholders of Naver Financial, although Dunamu will become a wholly owned subsidiary. Both companies will maintain their existing operations and plan to explore further restructuring and cooperation to drive growth. The merger combines South Korea’s leading crypto and payments platforms, reflecting the growing integration of digital assets and traditional finance. Central to the merger are plans to develop stablecoin products, including a won-backed stablecoin and a layer-2 Ethereum network for stablecoin and retail payments. Regulatory approval, particularly from South Korea's Fair Trade Commission, is required for the deal to proceed.
