Connecting Conventional Finance with Cryptocurrency: Revealing Korea’s Leading Fintech Force
- South Korea's Upbit and Naver Financial will merge to create a fintech-crypto powerhouse, aiming for a Nasdaq IPO by 2026. - The stock-swap deal grants Dunamu shareholders 30% of the combined entity, while Naver's stake drops to 17% to address antitrust concerns. - Regulators are scrutinizing the merger, with Dunamu transferring over half its voting rights to Naver to balance control and compliance. - The post-merger entity's valuation rose to KRW 50 trillion ($34.5B), reflecting confidence in growth and
Upbit, South Korea’s leading cryptocurrency exchange, is preparing to join forces with Naver Financial—a branch of tech conglomerate Naver—in a significant merger that could set the stage for a future Nasdaq public offering. The deal, anticipated to close on November 27 pending board consent, will unite Naver’s top payment service with Upbit’s commanding 70%+ share in the local crypto market, forming a major player in the fintech and crypto sectors
Regulatory bodies such as South Korea’s Financial Supervisory Service and Fair Trade Commission are
The timeline and specifics of the deal are still evolving. While early estimates put the value of the merger at KRW 20 trillion (about $14.5 billion),
This merger highlights South Korea’s drive to become a leader in global fintech innovation. By bringing together established payment solutions and cryptocurrency trading, Naver and Dunamu hope to build an integrated financial platform. Should the Nasdaq IPO go ahead, it would represent one of the largest U.S. debuts by an Asian crypto exchange and
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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