Dunamu planning US Nasdaq listing after Naver merger
Dunamu, the operator of SoDunamu, the owner of South Korea’s largest crypto exchange, Upbit, will now join Nasdaq in the US after merging with Naver, allowing US investors to enter the country’s crypto market.
Dunamu and Naver Financial are scheduled to hold board meetings to approve the deal, and their CEOs will share their plans with the public.
Dunamu merges with Naver to grow its crypto business
Dunamu has decided to merge with one of South Korea’s longest-established tech companies, Naver, in a deal that could transform how people manage their finances, digital assets, and online services in the country.
Naver Financial is a branch of Naver that handles banking, payments, and other financial services, and it will buy Dunamu by exchanging shares. However, the boards of both companies and regulators still need to approve the deal, so responsible government officials will verify every detail to ensure the agreement complies with the law. Regulators must also ensure that no company has undue control over another.
Naver runs email, maps, news, blogs, search engines, and a mobile payment system that most South Korean’s use for everyday transactions and financial management. Because the company operates all these services that millions use every day, it is often referred to as the “Google of South Korea.”
Naver will use this merger to its advantage. It will build a new stablecoin backed by the Korean won. Lately, South Korea’s government has passed laws that allow banks to create stablecoins safely, and Naver aims to simplify the process for people to use and invest in digital money without relying on foreign currencies.
Regulators will closely monitor this agreement to ensure the newly created company doesn’t achieve excessive market power and does not take any actions that harm competition or prevent other companies from entering the market.
A fair and open market will keep prices reasonable and protect people from unfair practices that discourage new businesses. Suppose the new stablecoin and merger are successful. In that case, they will provide the people of South Korea with a more efficient way to manage their finances and create opportunities for additional projects that combine banking, technology, and digital currency.
Dunamu wants to sell shares in the US to get money from investors around the world
The crypto market in South Korea is one of the busiest in Asia, and investors in the United States will have a rare opportunity to be part of it once Dunamu lists its shares on the Nasdaq. Upbit already manages $2.1 billion in daily trades, demonstrating the significant adoption of cryptocurrency among South Koreans in their daily lives.
A listing on Nasdaq will enable foreign investors to purchase shares in Dunamu and gain access to a market they may not be able to reach directly.
Dunamu has also timed this listing perfectly, as many other crypto companies are also seeking to list in the US, given the increasingly favorable rules for companies that want to raise money through public markets.
Gemini, Bullish, and eToro went public earlier this year, allowing investors to purchase shares of the companies. At the same time, Circle Internet Group had one of the biggest IPOs of the year and even reached a value of $18 billion on its first day of trading.
Investors worldwide are eager to join fast-growing crypto markets, and Dunamu appears very appealing because it operates one of the largest crypto exchanges in South Korea and plans to merge with the country’s largest tech company, Naver.
The IPO could also encourage other South Korean companies to pursue global listings, thereby increasing international interest in the country’s crypto market and providing their investors with more options to grow their investments.
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