5 hours ago
Naver Financial, the fintech limb of South Korea’s largest hunt engine, is weighing a imaginable share-swap statement with Dunamu, the relation of Upbit.
Earlier today, reports from section outlets suggested that the talks had already precocious into merger territory, but Naver’s regulatory filing clarified that nary binding presumption person been confirmed.
The disclosure, submitted to the Financial Supervisory Service, acknowledged that Naver and Dunamu are exploring aggregate forms of cooperation. These see a imaginable stock exchange, a won-pegged stablecoin project, and unlisted banal trading services.
However, Naver’s CFO, Hee Cheol Kim, stressed that factual details volition beryllium announced wrong a period oregon erstwhile a ceremonial statement is reached.
Potential benefits for South Korea’s crypto ecosystem
A report from Tiger Research suggests that immoderate statement betwixt Naver and Dunamu would reshape South Korea’s crypto economy.
It noted:
“This woody resembles a script wherever Google acquires Coinbase, the starring crypto exchange.”
According to the report, the imaginable acquisition goes beyond firm restructuring, pointing alternatively to a cardinal displacement successful however integer assets could beryllium embedded into mainstream concern and technology.
If Naver integrates Upbit’s blockchain infrastructure, the concern could fast-track the adoption of integer payments nationwide.
Naver Pay already serves implicit 30 cardinal users and handles tens of trillions of won successful yearly buying transactions. Introducing a won-backed stablecoin into this strategy would chopped paper processing costs, streamline settlements, and pull millions of crypto investors straight into Naver’s outgo ecosystem.
For Dunamu, the woody would supply some standard and utility. The institution precocious unveiled GIWA Chain, an Optimism-based Layer 2 network designed to grow its relation from speech relation to blockchain infrastructure provider.
Linking with Naver would unfastened caller gross streams from stablecoin usage and transaction fees portion easing idiosyncratic onboarding.
Moreover, its crypto sign-ups impact time-consuming individuality verification processes. By embedding Naver’s mobile ID service, Upbit could simplify the KYC process for Naver’s 40 cardinal monthly users, lowering barriers and driving growth.
It noted:
“These changes would straight interaction Upbit’s idiosyncratic expansion. Upbit presently has 10 cardinal cumulative registered users. When Naver’s 40 cardinal idiosyncratic basal combines with a simplified registration process, imaginable users tin articulation overmuch much easily. This represents a important accidental for Upbit to accelerate its idiosyncratic maturation rate.”
The imaginable benefits besides scope into civilization and superior markets.
Naver Webtoon, which posted $1.35 cardinal successful gross successful 2024 and maintains partnerships with Disney and Marvel, could harness blockchain to tokenize intelligence property, boost creator transparency, and motorboat community-driven token economies.
In parallel, Naver’s ownership of Poshmark and its unlisted banal trading level opens paths for stablecoin-based escrow systems, tokenized equity markets, and blockchain-verified advertisement settlements.
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