BlockBeats News, November 27th. According to multiple South Korean media reports, South Korea’s largest internet company, Naver, is set to invest around $7 billion in the artificial intelligence and blockchain fields after acquiring Dunamu, the parent company of South Korea’s largest cryptocurrency platform, Upbit. 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.
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 around $10.3 billion. According to the transaction plan disclosed through 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.
