Naver Financial will launch the Busan Local Stablecoin Wallet and is also preparing to merge with Upbit

BlockBeats News, November 25th, according to The Block, South Korean tech giant Naver's financial division Naver Financial has completed the development of a stablecoin wallet, which is currently in the final verification stage and is planned to be launched next month. The wallet project was developed in collaboration with the venture capital firm Hashed and the Busan Digital Asset Exchange (BDAN), and will support the stablecoinization of Busan's local currency "Dongbaek-jeon", allowing residents and visitors to exchange various fiat currencies for the stablecoin form of the local currency.

The service will be integrated with Naver Pay Wallet, but full functionality will have to wait until South Korea establishes a local currency stablecoin regulatory framework. Meanwhile, Naver is planning to merge with the parent company of South Korea's largest cryptocurrency exchange Upbit, Dunamu, through an equity swap, with Dunamu planning to be listed on Nasdaq as a wholly-owned subsidiary of Naver post-merger.