Core Insights - Naver Financial is set to launch a stablecoin wallet in Busan to support the city's blockchain economy initiative [1][3][9] - The wallet will allow conversion of fiat currencies into a stablecoin version of the local currency, Dongbaek-jeon, enhancing digital payment options for users [4][5][9] - The project is a collaboration with Hashed and the Busan Digital Asset Exchange, aiming to modernize the payment system for approximately 1.5 million monthly users [3][5][9] Company Developments - Naver has completed the development of the stablecoin wallet, which is currently undergoing final checks before its launch next month [3] - The wallet will be integrated with Naver Pay Wallet, which already supports crypto custody, although full functionality may be limited until regulatory clarity on local-currency stablecoins is achieved [6] - Naver is reportedly pursuing a merger with Dunamu, the operator of Upbit, which could lead to a Nasdaq listing [7] Financial Performance - Naver reported third-quarter revenue of 3.14 trillion Korean won ($2.32 billion) and an operating profit of 570.6 billion won ($422.6 million) [7] - Dunamu also experienced significant growth, with a revenue increase of 35% to 385.9 billion won ($262.9 million) and a net profit surge of 145% to 239 billion won ($162.8 million) [8]

🚨JUST IN: DUNAMU, THE PARENT OF UPBIT, IS PREPARING FOR A US DEBUT AFTER COMPLETING ITS MERGER WITH NAVER - SEOUL ECONOMIC DAILY ...

Core Insights - South Korean cryptocurrency exchange Upbit is planning to launch an initial public offering (IPO) on Nasdaq following a merger with Naver, a South Korean internet firm [1][2] - The merger between Upbit's parent company Dunamu and Naver is expected to be completed this week, potentially creating a bridge between cryptocurrency and traditional finance [2][3] Company Developments - Naver's FinTech arm, Naver Financial, and Dunamu have been in discussions regarding potential collaborations, indicating a convergence of the tech and cryptocurrency sectors in South Korea [3] - Naver's quarterly revenue surpassed 3 trillion South Korean won (approximately $2.04 billion) in Q3, driven by AI integration in its services [4] - Naver Pay's revenue increased by 12.5% year-over-year and 5.2% quarter-over-quarter, reaching 433.1 billion South Korean won (about $294.5 million) [5] Market Trends - Over one-third of South Korea's population, approximately 18 million people, are engaged in trading digital assets, highlighting a significant market for digital finance [4] - Naver Pay's total payment volume in Q3 reached 22.7 trillion South Korean won (about $15.4 billion), reflecting a 21.7% increase from the previous year [5] - Naver Pay's acquisition of a 70% stake in Securities Plus Unlimited demonstrates its commitment to expanding its role in the FinTech sector [6]

Group 1 - Upbit, a South Korean crypto exchange, is planning an initial public offering (IPO) on Nasdaq following its merger with Naver [1] - The merger between Upbit's parent company Dunamu and Naver's financial arm is expected to create a unified entity that integrates cryptocurrency and traditional finance [2] - This year has seen other notable crypto companies like Circle Internet Group, Bullish, and Gemini go public in the U.S., with Kraken anticipated to follow in 2026 [3]

South Korea's Upbit eyes Nasdaq listing after merger with tech giant Naver: report https://t.co/NxQWypcgcn ...

Core Viewpoint - Upbit, South Korea's largest crypto exchange, is preparing for a potential Nasdaq IPO following Naver's planned acquisition of its parent company, Dunamu, through a significant stock-swap merger [1][2]. Group 1: Merger Details - Naver Financial is set to acquire Dunamu for KRW 20 trillion (approximately $14.5 billion), making Upbit a wholly owned subsidiary of Naver [2]. - The merger is expected to be approved in upcoming board meetings, marking a significant step in the fintech and crypto sectors in Asia [1]. Group 2: Market Impact - The merger will combine Naver's fintech ecosystem with Upbit's 70% share of domestic crypto trading, creating a large-scale digital finance platform [3]. - This strategic move is anticipated to accelerate Korea's entry into US capital markets, enhancing the global presence of both companies [1][2].

Core Insights - South Korea's largest tech company, Naver, is in the final stages of acquiring Dunamu, the operator of Upbit, which handles over 70% of the country's crypto trading [2][4] - The merger is expected to significantly impact the digital finance landscape in South Korea, marking one of the most important tech-crypto mergers in Asia [2][4] Company Developments - Naver's board is set to vote next week on the acquisition plan, which will involve a stock-swap arrangement managed by Naver Financial, its fintech division [3][7] - Dunamu's board is scheduled to meet on November 26 to finalize the terms of the acquisition [3][4] Financial Structure - The anticipated swap ratio for the acquisition is approximately 1:3 or 1:4, reflecting Dunamu's multibillion-dollar valuation [4] - Following board approvals, both companies will need to obtain shareholder consent before proceeding with the integration [4] Strategic Initiatives - The merger is expected to enhance Naver's digital finance initiatives, including a won-backed stablecoin project that has been under exploration since mid-2025 [4][6] - Naver and Dunamu began collaborating on a won-pegged stablecoin in July 2025, integrating it into Naver Pay, South Korea's largest mobile payment service [6] Market Reaction - Naver's stock experienced a rise of 7-11% amid growing speculation about the acquisition, indicating investor optimism regarding a stronger position in Korea's digital asset ecosystem [9]

Core Insights - Counterpoint Research's report ranks Singapore as the top AI city globally, followed by Seoul, Beijing, Dubai, and San Francisco in the top five [4][8][9]. Ranking Summary - The report evaluates AI adoption in the world's 100 largest metropolitan areas, scoring each city on a scale of 0 to 100 [6][11]. Regional Highlights - Singapore's success is attributed to government-supported initiatives through organizations like the Singapore AI Association, fostering a vibrant startup ecosystem and strong public-private collaboration in sectors like healthcare and transportation [7][8]. - Seoul ranks second due to active government deployment of AI in healthcare and education, with companies like SK Telecom and Naver innovating in AI services [7]. - Beijing is third, with plans to provide formal AI education to all primary and secondary students starting in 2025 and collaborations with China Unicom and Huawei on "5G+AI" applications [7][8]. - North America leads in AI city development, but China is rapidly catching up, with cities like Wuhan, Chengdu, and Suzhou making significant investments in supercomputing [7][8]. Key Players in AI City Development - Microsoft and Google are identified as major players driving AI city initiatives, focusing on data center development and AI training programs [8][11]. - Huawei excels in promoting AI in telecommunications through its 5G-A technology [8]. - Nvidia's supercomputing facilities in Dallas position it as a leader in global computing power, surpassing Beijing [8][11]. Emerging Cities of Interest - Unexpectedly, Dubai surpassed San Francisco in overall scores due to substantial investments in AI across various economic sectors, including a plan to train 1 million AI engineers [9]. - Riyadh, Bangalore, and Hangzhou are highlighted as rapidly developing AI cities with significant potential [9][12]. Telecommunications Ecosystem - Telecommunications infrastructure is crucial for AI city development, with cities like Beijing deploying 10G fiber and Boston expanding to meet AI computing demands [12]. - Innovations such as GPU-as-a-Service by Singtel and AI-driven network management by STC in Riyadh are examples of how telecom companies are enhancing AI city capabilities [12].

According to The Korea Times, South Korean internet giant Naver will formally confirm its plan to acquire Upbit’s parent company Dunamu at next week’s board meeting. Dunamu will also hold a board meeting on November 26 to finalize the details. Naver plans to use its fintech subsidiary, Naver Financial, for a full equity swap to acquire Dunamu, and after the integration, jointly launch a KRW stablecoin project and various digital financial services.https://t.co/JrZZxuDg52 ...

Core Insights - South Korea's banks are collaborating with major tech firms like Samsung, Kakao, and Naver to launch the first regulated won-backed stablecoins, aiming to lead in Asia's stablecoin market [1][2] - The Financial Services Commission (FSC) plans to introduce a comprehensive stablecoin bill to the National Assembly by the end of 2025, which would legalize won-backed stablecoins and allow banks to issue them with private partners [3][4] - The stablecoin bill will consolidate six existing parliamentary proposals into a unified framework, promoting regulated stablecoins as part of a broader agenda to enhance Korea's crypto competitiveness [4] Industry Developments - Major South Korean banks, including KB, Shinhan, Hana, and Woori, are forming partnerships with tech giants to prepare for upcoming stablecoin regulations [2][6] - KB Kookmin Bank has filed over 17 trademarks for a "KB KRW" stablecoin and established a dedicated division for stablecoin development [5] - Shinhan Financial Group is testing a won-backed coin on its delivery app and exploring international payments through its subsidiaries in Japan and Vietnam [7] - Hana Financial Group has initiated a Digital Asset Task Force to coordinate efforts across its affiliates [7] - Woori Financial Group is collaborating with Samsung Electronics on the Samsung Wallet, integrating its banking services into the platform [7]