Naver Set to Acquire South Korean Crypto Exchange Upbit

South Korean crypto exchange Upbit is set to be acquired by internet giant Naver.
This acquisition would make Upbit's parent company, Dunamu, a full subsidiary of Naver Financial.
Upbit is a major player in the South Korean crypto market, while Naver operates various internet services, including Naver Pay.
The transaction is expected to be a stock swap, with Naver Financial issuing new shares for Dunamu's current shares.
Naver's shares surged by over 7% to KRW 246,000 ($175) following news of the acquisition.
The deal is reported amid South Korea's efforts to establish a framework for won-pegged stablecoins.
Neither Naver nor Dunamu provided immediate comments on the acquisition reports.