Naver to Jointly Invest Around $700 Million with Upbit's Parent Company Dunamu in AI and Blockchain Field

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November 27th. According to multiple reports from South Korean media, South Korea's largest internet company, Naver. After acquiring Dunamu, the parent company of South Korea's largest crypto platform Upbit, Naver will invest approximately $7 billion in the fields of artificial intelligence and blockchain. The aim is to "establish a new global framework" that encompasses not only payments and settlement but also the entire financial sector. Yesterday, Naver agreed to acquire Dunamu, the operator of South Korea's largest cryptocurrency exchange Upbit, through an all-stock transaction. The transaction is valued at approximately $10.3 billion. According to the transaction scheme disclosed through regulatory filings on Wednesday, Naver's fintech subsidiary, Naver Financial Corp., will acquire Dunamu by issuing 2.54 shares of Naver's new stock for every 1 share of Dunamu stock held.

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