Seoul: IT giant Naver Corp. and Dunamu Inc., the operator of South Korea's largest cryptocurrency exchange Upbit, announced plans to jointly invest 10 trillion won (US$6.8 billion) to develop an ecosystem for artificial intelligence (AI) and Web3 technologies over the next five years. This initiative aims to establish their leadership in the global digital finance market.
According to Yonhap News Agency, the announcement was made during a joint press conference involving Naver, its fintech arm Naver Financial Corp., and Dunamu. The conference was held to outline the future business strategy of the three companies, following Naver Financial's decision to acquire Dunamu as a wholly owned subsidiary through a share-swap deal. This acquisition is anticipated to broaden Naver's digital finance portfolio and bolster its position in blockchain-based services.
The companies intend to utilize their combined strengths in AI and Web3 technologies to make inroads into the global fintech market. Web3 encompasses next-generation IT technologies that focus on decentralization, blockchain, and user ownership, including cryptocurrencies and non-fungible tokens. Naver, known for operating South Korea's largest internet portal, has been enhancing its AI capabilities, while Naver Financial manages the largest annual payment volume in the country. Dunamu operates South Korea's leading crypto exchange and ranks fourth globally by trading volume.
Naver's CEO Choi Soo-yeon highlighted the significance of the current technological shift, where blockchain's mainstream acceptance coincides with the evolution of AI. This presents new opportunities for innovation. Dunamu Chairman Song Chi-hyung emphasized the collaboration's goal to design next-generation financial infrastructure that integrates AI and blockchain, creating a global platform ecosystem that extends beyond payments.
Kim Hyoung-nyon, vice chairman of Dunamu, projected a future where most assets would be tokenized and circulated on blockchain. He stated that the corporate merger aims to position South Korea as a leader in the borderless digital asset market.
Addressing speculation about a potential Nasdaq listing for Naver Financial, CEO Choi Soo-yeon clarified that there are no current plans for such a move. She noted that any future consideration of going public on Nasdaq would prioritize enhancing shareholder value.