South Korean crypto exchange Upbit is about to be 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 crypto-friendly country, while Naver operates multiple internet-based services in South Korea, including Naver Pay.
The deal is likely to be a stock swap deal with Naver Financial issuing new shares in the crypto exchange for Dunamu’s current shares, the report added.
Shares of Naver jumped over 7% to Korean won 246,000 ($175) after reports of the Upbit acquisition came out.
Reports of the deal come in the wake of 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.
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