Naver and Upbit will invest approximately US$6.8 billion in AI and blockchain fields after merger

PANews reported on November 27 that according to The Block, South Korean IT giant Naver and Dunamu, the parent company of crypto exchange Upbit, plan to invest 10 trillion won (approximately US$6.8 billion) in the next five years to build a next-generation financial infrastructure based on the integration of AI and blockchain. On Wednesday, Naver Financial, the financial technology arm of Naver, confirmed that it will acquire Dunamu through a share swap. The two companies held a joint press conference in Seoul on Thursday, with leaders from all three parties in attendance. Dunamu President Song Chi-hyung said that the three companies will jointly build a system to create a "new global framework" and expand its business scope from payment and settlement to the entire financial field. Naver CEO Choi Soo-yeon said the company sees new opportunities as a "key node" in the popularization of blockchain and the transition to intelligent artificial intelligence.

Meanwhile, Dunamu CEO Oh Kyung-seok said that Naver and Dunamu will also work on launching a stablecoin pegged to the South Korean won, BlockMedia reported.

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