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Exciting news! Dunamu, the parent company of Upbit—the leading crypto exchange in South Korea—is setting its sights on the US market! They are getting ready to make a splash in the tech-heavy Nasdaq after wrapping up their merger with the well-known tech giant, Naver.
According to a report from the Seoul Economic Daily, Dunamu aims to kick off an initial public offering right after the merger, which is expected to take place later this week.
On Monday, local news outlet The Chosun Daily revealed that Dunamu and Naver will hold separate board meetings this Wednesday to give the thumbs up to their merger plans. If all goes well, the CEOs of both companies will share their exciting post-merger strategies on Thursday.
Upbit is the go-to crypto trading platform in South Korea, boasting a whopping $2.1 billion in trading volume over the past day. This is pretty close to the nearly $2.2 billion that its American competitor, Bullish, reported after its IPO back in August.
If Dunamu goes ahead with its IPO, it would give Wall Street a front-row seat to a super active crypto market outside the US, which often behaves quite differently than other global crypto markets.
Dunamu and Naver are ready to merge with exciting stablecoin plans
Back in September, local media revealed that Naver Financial, Naver’s fintech branch, plans to acquire Dunamu and make it a subsidiary through a share swap, once they get board approval.
Naver is like the “Google of South Korea,” sitting at the top of the search engine game and offering services like email, blogs, maps, and even mobile payments.
Related: Bitkub exchange eyes Hong Kong IPO as Thai markets slump to 5-year lows: Report
Plus, Naver is also planning to roll out a local currency stablecoin, as South Korea is moving forward with the introduction of won-backed stablecoins, at least initially through banks.
However, they still need the green light from regulatory authorities, who will review whether merging the country’s biggest crypto exchange and payments provider creates a monopoly.
The US is seeing a surge of crypto IPOs
This year, numerous crypto companies have made their entrance in the US, especially with the more friendly regulations in place for the sector.
Exchanges like Gemini, Bullish, and eToro have launched their IPOs this year, although their stock prices have seen a dip alongside the overall crypto market trends.
One standout is Circle Internet Group, which enjoyed one of the year’s most successful IPOs in June, being valued at an impressive $18 billion on its first day.
Magazine: Hong Kong isn’t the loophole Chinese crypto firms think it is
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