Naver and Upbit's parent company Dunamu will jointly invest $6.8 billion in AI and blockchain.

According to Odaily Planet Daily, South Korean tech giant Naver and Dunamu, the parent company of South Korea's largest cryptocurrency exchange Upbit, plan to jointly invest 10 trillion won (approximately US$6.8 billion) over the next five years to build a new generation of financial infrastructure based on AI and blockchain technologies.

Naver's fintech arm, Naver Financial, confirmed on Wednesday that it will acquire Dunamu through a share swap. This is one of the largest collaborations in South Korea's fintech and crypto sectors, integrating Naver's AI and business capabilities, Naver Financial's payment and financial infrastructure, and Dunamu's digital asset trading and blockchain ecosystem.

Dunamu President Oh Kyung-seok stated that the two companies will also collaborate on issuing a stablecoin pegged to the Korean won. Previously, Naver Financial planned to launch a stablecoin wallet service in Busan next month. South Korean President Lee Jae-myung has chosen to promote the establishment of a stablecoin market pegged to the local currency in order to protect monetary sovereignty. (TheBlock)