The merger of Naver and Upbit will result in approximately $6.8 billion being invested in AI and blockchain technologies.

PANews reported on November 27th that, according to The Block, South Korean IT giant Naver and Dunamu, the parent company of cryptocurrency exchange Upbit, plan to invest 10 trillion won (approximately $6.8 billion) over the next five years to build a next-generation financial infrastructure based on the integration of AI and blockchain. On Wednesday, Naver Financial, Naver's fintech arm, confirmed it will acquire Dunamu through a share swap. On Thursday, the two companies held a joint press conference in Seoul, attended by leaders from all three parties. Dunamu President Song Chi-hyung stated that the three companies will jointly build a system, creating a "new global framework" that expands its business from payment settlement to the entire financial sector. Naver CEO Choi Soo-yeon stated that the company sees new opportunities at a "critical juncture" in the popularization of blockchain and the transition to artificial intelligence as intelligent agents.

Meanwhile, according to BlockMedia, Dunamu CEO Oh Kyung-seok stated that Naver and Dunamu will also be working on launching a stablecoin pegged to the Korean won.