Naver Consolidates Control Over Upbit in Strategic Restructuring via Share Swap

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In a move to streamline its corporate structure, South Korean internet conglomerate Naver is moving to fully integrate cryptocurrency exchange Upbit.

According to a report from Donga Ilbo, Naver’s financial subsidiary, Naver Financial, will execute a comprehensive share exchange with Upbit’s parent company, Dunamu. This transaction will make Dunamu a wholly-owned subsidiary of Naver Financial.

The share swap, a alternative to a full merger, will allow both companies to remain separate legal entities while unifying their strategic direction under the Naver umbrella. Both companies have reportedly formed task forces to finalize the details.