Upbit's parent company Dunamu will merge with Naver Financial, expected to be approved on Wednesday

According to Beincrypto, South Korea's largest cryptocurrency exchange Upbit's parent company Dunamu and payment platform Naver Financial plan to announce a merger on November 27. The boards of both parties will approve this all-stock exchange transaction on the 26th, with an estimated exchange ratio of 1:3. After the transaction is completed, Dunamu will become a wholly-owned subsidiary of Naver Financial.

After the merger, Dunamu's major shareholders will hold nearly 30% of the new company, while Naver's stake will decrease from 69% to 17%, but it will retain operational control. This transaction values Naver Financial at approximately 50 trillion won and Dunamu at about 150 trillion won.