Naver Financial plans to acquire Dunamu via stock swap

Naver Financial is preparing to acquire Dunamu, the operator of South Korea's largest cryptocurrency exchange Upbit, through a comprehensive stock swap that would make Dunamu a wholly owned subsidiary of the internet giant's fintech arm, local reports said on Thursday. The move, which industry sources say could be approved at upcoming board meetings, would give Naver direct control of Upbit and link the country's dominant web portal and payment services more tightly with a major crypto trading platform.

Under the proposed structure, Naver Financial would issue new shares to Dunamu's existing shareholders in exchange for their stakes, creating a parent subsidiary governance framework without a cash transfer, sources familiar with the discussions said. Company spokespeople were not immediately available for comment. Reports suggested details including the exact swap ratio are still being finalized.

The deal would accelerate plans the two companies already have pursued together. Earlier this year Upbit and Naver Pay announced a collaboration to develop a Korean won pegged stablecoin, and the acquisition is expected to speed that initiative and broaden integration between payments,...