Naver in Talks for Share Swap with Upbit Operator, Stablecoin Expansion
South Korean tech behemoth Naver is engaged in talks with Dunamu, operator of the country's largest crypto exchange Upbit, regarding a potential share swap and stablecoin projects. Dunamu has been developing a custom Ethereum layer-2 blockchain called 'GIWA' for stablecoins and payments.
Naver and Dunamu previously announced plans in July for a KRW stablecoin project. Now, the companies are discussing a share swap, which could make Naver the first major South Korean platform to fully integrate an exchange into its financial ecosystem. Dunamu, the company behind Upbit, is at the forefront of these negotiations.
Meanwhile, South Korean lawmakers are set to table a stablecoin bill in October. This legislation could provide clarity on issuer requirements and audit standards for stablecoins in the country.
Naver's potential share swap with Dunamu could significantly expand its financial services, while the upcoming stablecoin bill promises regulatory clarity for the growing stablecoin market in South Korea.
