Naver and Upbit to pour $7 billion into AI, blockchain following mega-merger: reports
Naver and Dunamu (Upbit's parent) will invest $6.8 billion over five years into AI and blockchain infrastructure post-merger.Summary
Following the official confirmation of Naver Financial's acquisition of Dunamu (parent company of Upbit) via a share-swap deal, the entities announced plans to jointly invest 10 trillion Korean won (approximately $6.8 billion) over the next five years. This investment is aimed at building next-generation financial infrastructure combining Artificial Intelligence (AI) and blockchain technology to establish a new global framework encompassing payments, settlements, and the broader financial sector. Naver CEO Choi Soo-yeon highlighted the opportunity at the intersection of blockchain popularization and the transition to agentic AI. Furthermore, the companies plan to collaborate on launching their own Korean won-pegged stablecoin, aligning with South Korea's national goal to establish a local stablecoin market to counter the dominance of U.S. dollar stablecoins, despite ongoing legislative complexities regarding issuance authority.
(Source：The Block)