South Korea’s Naver Financial 'Discussing' Upbit Stock Swap, Eyeing Stablecoin Market

Group 1 - Naver Corporation is in discussions with Dunamu regarding a potential share swap that could integrate Upbit into Naver's financial ecosystem [1][2] - Following the news, Naver's shares increased by as much as 11.4% [1] - The proposed deal would position Dunamu as a subsidiary of Naver Financial, enhancing Naver's control over Upbit and its presence in the crypto market [2][6] Group 2 - Naver has filed a disclosure with the Korea Exchange, indicating ongoing discussions about various forms of cooperation with Dunamu, including a share exchange and projects related to stablecoins and unlisted stock trading [3] - The partnership builds on a previously announced collaboration in July, where Naver Pay and Dunamu planned to issue a KRW stablecoin, marking a significant step in the South Korean stablecoin landscape [4] - Dunamu is developing a custom Ethereum layer-2 blockchain named "GIWA" to support stablecoins and payment infrastructure [4][5] Group 3 - If the share swap is finalized, Naver would become the first major South Korean platform to fully integrate a cryptocurrency exchange into its financial services, potentially enhancing cross-selling opportunities and stablecoin adoption [6]