Naver to Acquire Upbit Operator Dunamu, Raising Stakes Against Kakao in South Korea

• South Korea’s digital financial system has been redesigned via the acquisition of Upbit by Naver.
• Naver first entered the web3 space by launching its crypto wallet in collaboration with Chiliz in 2024.
• Naver still faces stiff competition from Kakao via its Klaytn blockchain.

Naver Corp. (KRX: 035420), South Korea’s leading search and e-commerce platform, is moving to acquire Dunamu, the parent company of the Upbit exchange, through a comprehensive stock swap. Once completed, Upbit would operate as a subsidiary under Naver. Both companies have already formed a task force to manage the integration.

Following the announcement, Naver shares surged over 10% on Thursday to trade at about 253,000 Korean dollars ($180.5).

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