Seoul: Naver Financial Corp., the fintech subsidiary of South Korea's leading portal operator Naver Corp., has announced its decision to acquire Dunamu Inc., the operator of the country's largest cryptocurrency exchange, Upbit, as a wholly owned subsidiary.

According to Yonhap News Agency, Naver Financial's decision was made during a board meeting where the acquisition, structured as a share-swap deal, received approval. The regulatory filing indicated that each Dunamu share will be exchanged for 2.54 shares in Naver Financial.

Once the acquisition is completed, Dunamu will be placed under Naver Financial, enabling Naver to expand its portfolio into digital finance and strengthen its presence in the blockchain-based services sector. The companies plan to seek shareholder approval before formally initiating integration procedures.