South Korean Crypto Exchange Upbit Acquired by Naver
One of South Korea's largest crypto exchanges, Upbit, is being acquired by internet giant Naver. The deal will bring the parent company of Upbit, known as Dunamu, into the fold of Naver Finance. Dunamu will become a wholly owned subsidiary of Naver's financial wing.
According to reports, the deal is expected to take the form of a share exchange. Naver Finance will issue new shares in exchange for Dunamu's existing shares. Following this development, Naver's shares rose more than 7% to 246,000 Korean Won ($175).
The news of the purchase comes in light of the South Korean government's efforts to create won-backed stablecoins in the country. Naver and Dunamu have yet to comment on the deal.
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Naver, Upbit, Dunamu, crypto exchange, South Korea, share sale
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