South Korean web large Naver Company is in talks with crypto change Upbit operator Dunamu over a doable share swap that might convey the nation’s largest change below the Naver group.
Naver shares rose as a lot as 11.4% on Thursday, per Google Finance information, after native outlet Chosun reported the businesses had agreed to a complete inventory swap.
The report described a deal that might make Dunamu a subsidiary of Naver Monetary, the group’s fintech arm, giving the tech large direct management of Upbit and positioning it for a deeper transfer into crypto markets.
Naver filed a disclosure with the Korea Trade addressing experiences that it had agreed to a share swap with Dunamu, operator of Upbit. Within the submitting, Naver said that it’s “discussing numerous types of cooperation with Dunamu, together with the opportunity of a share change in addition to tasks involving “stablecoins and unlisted inventory buying and selling.”
No extra particulars or strategies have been finalized, however Naver has dedicated to re-disclose inside a month or as soon as particular phrases are confirmed. In an announcement shared with Decrypt, a Dunamu spokesperson mentioned that, “Past discussions on stablecoins and unlisted inventory buying and selling platform, Dunamu and Naver Pay are exploring a variety of extra collaborations,” including that, “No additional particulars or particular agreements have been finalized right now.”
Naver and Dunamu
The talks construct on a partnership introduced in July when Naver Pay and Dunamu revealed plans for a KRW stablecoin.
That challenge positioned Naver as lead issuer with Dunamu in a supporting function, marking one of many first makes an attempt to create a large-scale won-backed token forward of latest laws. Earlier this month, Dunamu unveiled that it had been engaged on a customized Ethereum layer-2 blockchain known as “GIWA” designed to open up new infrastructure for stablecoins and funds.
South Korean lawmakers are anticipated to desk a stablecoin invoice in October that might make clear issuer necessities, reserve guidelines, and audit requirements. Main stablecoin gamers Tether and Circle have taken conferences with prime executives from the nation’s monetary teams as early as August.
If the deal is accomplished, Naver could be the primary main South Korean platform to completely combine an change into its monetary ecosystem. The corporate already dominates search, messaging, and funds in South Korea, and including Upbit might speed up cross-selling of its monetary verticals, stablecoin adoption, and new buying and selling merchandise.
