Naver and Upbit's parent company Dunamu will jointly invest $6.8 billion in the fields of AI and blockchain

South Korean tech giant Naver and Dunamu, the parent company of South Korea's largest cryptocurrency exchange Upbit, plan to jointly invest 10 trillion won (approximately 6.8 billion USD) over the next five years to build a new generation of financial infrastructure based on AI and blockchain technology.

Naver's fintech division, Naver Financial, confirmed on Wednesday that it will acquire Dunamu through a share swap. This is one of the largest collaborations in South Korea's fintech and cryptocurrency sectors, integrating Naver's AI and business capabilities, Naver Financial's payment and financial infrastructure, and Dunamu's digital asset trading and blockchain ecosystem.

Dunamu President Oh Kyung-seok stated that the two companies will also work together to issue a won-pegged stablecoin. Previously, Naver Financial planned to launch a stablecoin wallet service in Busan next month. South Korean President Lee Jae-myung has chosen to promote the establishment of a local currency-pegged stablecoin market to protect monetary sovereignty.