South Korean IT titan Naver and Dunamu announced a merger during a joint press conference in Seoul. Naver Financial, the group’s fintech arm, officially confirmed the acquisition of Upbit’s parent company.
The partners plan to funnel 10 trillion won ($6.8 B) into building a financial system powered by artificial intelligence and blockchain over the next five years.
Dunamu President Song Chi-hyung aims to establish a global framework for payments and settlements. Naver CEO Choi Soo-yeon highlighted the opportunities emerging from the convergence of distributed ledger tech and agentic AI.
Push for a Won-Pegged Stablecoin
The companies are working to issue a stablecoin pegged to the Korean won, a move confirmed by Dunamu CEO Oh Kyung-seok. Naver Financial is already gearing up to launch a stablecoin wallet in Busan next month.
This strategy aligns with the vision of President Lee Jae Myung. He aims to foster a local stablecoin market as the country seeks to reduce its reliance on the US dollar.
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