Naver Acquires Cryptocurrency Exchange, Boosts Digital Finance

Naver Financial, a subsidiary of South Korean internet giant Naver, is acquiring Dunamu, the company behind Upbit, the countrys largest cryptocurrency exchange, in an all-stock deal valued at $10.27 billion. This strategic merger aims to boost Navers presence in South Koreas booming cryptocurrency market and expand its fintech business beyond advertising, commerce, and content operations. The deal is expected to create a powerful ecosystem for digital finance in the region, with Naver potentially directing its existing user traffic towards the exchange. Despite initial gains, Naver shares were trading down by 4.2% on Thursday, following the news of the acquisition.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.