Naver Acquires Upbit’s Parent for $10.3 Billion: A New Fintech Powerhouse Emerges

South Korean internet giant Naver has announced a strategic acquisition of Dunamu Inc., the parent company of Upbit, South Korea’s largest cryptocurrency exchange, in a landmark all-stock deal worth approximately $10.3 billion. The agreement, as detailed in a regulatory filing released today, will see Naver Financial, their fintech arm, issue 2.54 new shares for every 1 share held in Dunamu. This transaction is expected to create a combined entity valued at $13.56 billion, positioning them as a leading force in the fintech landscape.