Naver to Jointly Invest Around $700 Million with Upbit's Parent Company Dunamu in AI and Blockchain Industries

BlockBeats News, November 27th. According to multiple South Korean media reports, South Korea's largest internet company Naver, after acquiring Dunamu, the parent company of South Korea's largest cryptocurrency platform Upbit, will invest approximately $7 billion in the field of artificial intelligence and blockchain. The goal is to establish a new generation financial infrastructure based on AI and blockchain technology, covering not only payments and settlements but the entire financial sector. Naver's CEO Seong Sook Han stated that the company sees new opportunities arising from the widespread adoption of blockchain and the transition to intelligent AI as a "key inflection point."

Yesterday, Naver Corporation agreed to acquire Dunamu Corporation, the operator of South Korea's largest cryptocurrency exchange Upbit, through an all-stock deal, with the transaction valued at approximately $10.3 billion. According to the transaction scheme disclosed in regulatory filings on Wednesday, Naver's fintech subsidiary Naver Financial Corp. will acquire Dunamu by issuing 2.54 shares of Naver's new stock for each share of Dunamu stock held.