The South Korean internet giant Naver has confirmed plans for the acquisition of Dunamu, the parent company of Upbit.

Naver is preparing to finalize the acquisition plan of Dunamu, the parent company of Upbit, and both parties will officially approve it in the board meeting next week. The deal is being carried out through a stock swap with Naver Financial, helping Naver strengthen its position in the digital finance and cryptocurrency sectors.

The expected exchange ratio is between 1:3 and 1:4, valuing Dunamu at about 15 trillion won and Naver Financial at about 5 trillion won. After the merger, Dunamu Chairman Song Chi-hyung will become the largest shareholder with about 28%, while Naver's ownership ratio will decrease to about 17%. The deal is expected to boost the stablecoin project pegged to the won and new digital financial services. The combination of Naver's fintech and Upbit's leading position will create a strong momentum for global expansion.