Upbit remains South Korea’s most widely used crypto exchange, recording about $2.1 billion in trading volume over the past day, according to CoinGecko. That figure is close to the roughly $2.2 billion traded on Bullish, the US-based platform that went public in August.
Dunamu’s possible IPO would give Wall Street access to one of the world’s busiest crypto markets, which often moves differently from other global markets.
Local media reported in September that Naver Financial, the fintech arm of Naver, plans to acquire Dunamu through a share exchange, pending approval from both companies’ boards.
Naver, known as South Korea’s leading search engine and often compared to Google, also runs services such as email hosting, maps, blogs and a mobile payments platform.
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The company is additionally preparing to launch a local stablecoin, as regulators in South Korea advance plans to allow bank-issued Korean won-backed stablecoins.
The merger still requires regulatory approval, with authorities set to examine whether combining the country’s top crypto exchange and a major payments provider could create a monopoly.
Naver Moves Closer to Acquiring Dunamu
Local media reported in September that Naver Financial, the fintech arm of Naver, plans to acquire Dunamu by turning it into a subsidiary through a share exchange, pending board approval.
Naver is South Korea’s leading search engine and is often compared to Google. Like its US counterpart, it offers email hosting, maps, blogs and a mobile payments service.
The company also intends to launch a local stablecoin, as South Korea advances plans to allow banks to issue Korean won-backed stablecoins.
The deal still requires regulatory approval. Authorities will review whether merging the country’s biggest crypto exchange with a major payments provider could lead to monopoly concerns.
