South Korean crypto exchange Upbit is being acquired by Internet giant Naver, according to a report.
The deal would bring Upbit’s parent Dunamu under the umbrella of Naver Financial, making Dunamu a full subsidiary of NAVER’s financial arm, the report said.
Upbit is one of the largest crypto exchanges in the cryptic country, while Naver operates several Internet -based services in South Korea, including Naver Pay.
The deal is likely to be a stock city agreement with Naver Financial, issuing new shares in Crypto Exchange for Dunamus’s current shares, the report added.
Shares of naver jumped over 7% to Korean won 246,000 ($ 175) after reports of Upbit acquisition came out.
The reports of the agreement come up with the South Korean government pushing to establish a framework for won-pegged stablecoins in the country.
Naver and Dunamu were not immediately available for comment.
