In brief
- South Korean internet giant Naver is in talks over a share swap with Upbit operator Dunamu.
- Naver’s filing confirmed talks on a share exchange and stablecoin projects were taking place, but said no terms are finalized.
- The move builds on a July KRW stablecoin plan with Dunamu, ahead of new legislation expected in October.
South Korean internet giant Naver Corporation is in talks with crypto exchange Upbit operator Dunamu over a possible share swap that could bring the country’s largest exchange under the Naver group.
Naver shares rose as much as 11.4% on Thursday, per Google Finance data, after local outlet Chosun reported the companies had agreed to a comprehensive stock swap.
The report described a deal that would make Dunamu a subsidiary of Naver Financial, the group’s fintech arm, giving the tech giant direct control of Upbit and positioning it for a deeper move into crypto markets.
Naver
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Author: Vince Dioquino
