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Upbit operator Dunamu responds to Nasdaq listing rumors: Confirms engagement with US SEC and CFTC, plans to establish IPO committee
Odaily News: Dunamu, the operator of Korean cryptocurrency exchange Upbit, has responded to rumors of a US listing, stating that the company has indeed been in contact with the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). However, it has not yet confirmed plans for a US listing, nor has it converted its financial reporting standards to U.S. Generally Accepted Accounting Principles (US GAAP).Dunamu stated that it is currently working with Naver Financial to complete a share swap by December 31. The two companies are valued at 15 trillion KRW and 5 trillion KRW respectively, with a swap ratio of 1 share of Dunamu for approximately 2.54 shares of Naver Financial. Upon completion of the transaction, both parties plan to establish an IPO committee within one year and proceed with listing efforts.Market observers believe Nasdaq could be a potential listing venue, mainly because Naver is already listed on the Korean exchange. If the two companies are subsequently listed on a secondary exchange in Korea as subsidiaries, they may face regulatory restrictions on "parent-subsidiary dual listings." If Dunamu ultimately pursues a US listing, it may do so via American Depositary Receipts (ADRs). The Korean legal entity and Upbit business would remain intact, and services such as KRW deposits and withdrawals for users are not expected to be directly impacted. (Etoday)
Dunamu
KingDefi
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Upbit
Upbit Parent Company Dunamu Responds to IPO Rumors: Confirms Contact with U.S. SEC and CFTC, Plans to Establish IPO Committee
According to South Korean media outlet NATE, Dunamu, the parent company of South Korean crypto exchange Upbit, addressed rumors of a U.S. listing by stating that while the company has indeed engaged with the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), no decision on a U.S. listing has been made, and it has not converted its financial statement accounting standards to U.S. Generally Accepted Accounting Principles (US GAAP). Dunamu stated that it had previously only compared and assessed the differences between Korean accounting standards and US GAAP. The company currently plans to complete a share exchange with Naver Financial by December 31. Following the completion of the transaction, both parties plan to establish an IPO committee within one year to advance the listing process, though the specific country and market remain undecided. Market analysts believe that if it ultimately lists in the U.S., Dunamu and Upbit's Korean legal entities and existing operations will remain unchanged, and the company is expected to proceed via American Depositary Receipts (ADR).
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Bitget Adds 6 Stock Perpetual Contracts Including Zhongji Innolight, LG Electronics, and Naver
According to the official announcement, Bitget has listed 6 stock perpetual contracts: ZHONGJI (Zhongji Innolight), HANMI (Hanmi Pharmaceutical), LGELECTRONICS (LG Electronics), NAVER (NAVER), SAMSUNGEM (Samsung E&A), and KR200 (KOSPI 200 Index). All the above contracts are settled in USDT, supporting up to 20x leverage and 7×24-hour trading. As of now, Bitget supports a total of 278 stock contracts. For more details, please refer to the official Bitget platform.
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Naver D2SF Completes Third-Round Follow-On Investment in Physical AI Data Startup NdotLight
According to Yonhap News, Naver D2SF announced the completion of a follow-on investment in physical AI data startup NdotLight (엔닷라이트). This round of financing was led by the Korea Development Bank, with a total size of 15 billion Korean won. This is also Naver D2SF's third investment in the company following the Pre-A round in 2021 and the Series A round in 2022. NdotLight independently developed the 3D data generation solution TRINIX, which can automatically generate high-precision 3D data containing physical properties (mass, friction), joint structures, and collision range information, and is deeply integrated with NVIDIA's simulation platform Omniverse, achieving mass supply of large-scale high-quality 3D simulation datasets.
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Google's Monthly Active Users in South Korea Surpass Naver for the First Time, ChatGPT User Base Reaches 2.6 Times That of Daum
According to Yonhap News Agency, data from the mobile index platform under AI technology company IGA Works shows that in July 2026, Google apps Monthly Active Users (MAU) reached 47.02 million, surpassing Naver's 46.85 million for the first time, leading by approximately 178,000 users, marking the first reversal since relevant statistics began in March 2021. Industry analysis suggests that the popularity of Google's AI model Gemini and the enhancement of AI search functions are the main factors driving user growth. Meanwhile, ChatGPT's monthly active users reached 16.46 million, approximately 2.6 times that of Daum (6.31 million), with the gap continuing to widen—ChatGPT's user count was only 5 million last March, still lagging behind Daum, but after breaking 10 million last April, it began to overtake and continues to pull away.
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Naver Expands AI Infrastructure Cooperation in South America, Holds Multiple Talks with Brazilian and Chilean Government and Enterprise Entities
According to Yonhap News, Naver CEO Choi Soo-yeon led a team accompanying South Korean President Lee Jae-myung's South America visit delegation to Brazil and Chile to engage in cooperation discussions with local AI data center enterprises and government officials. In Brazil, Naver reached an agreement with Scala Data Centers and Tecto Data Centers on a joint operation model for GPU and AI cloud; in Chile, Naver explored cooperation with the local largest telecom operator Entel on SaaS distribution, smart cities, and GPU cluster construction, and held discussions with high-level Chilean government officials and the National AI Center (CENIA) on public AI transformation and sovereign AI construction. Choi Soo-yeon stated that through follow-up practical negotiations, they will effectively promote AI infrastructure construction and related industry development in the South American region.
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GPU.Net
Node AI
NVIDIA and South Korea's Naver Reach $1 Billion Investment, Expand AI Factory to 200 MW
NVIDIA and South Korean internet company Naver have reached a $1 billion investment agreement to expand their jointly operated NVIDIA DSX AI factory to 200 megawatts. The factory will adopt the latest platforms such as Vera Rubin and Blackwell to provide computing power for AI enterprises in South Korea and the United States for developing large models, agents, and AI services. Naver plans to further expand the factory scale to 1 gigawatt and launch an AI Agent platform based on NVIDIA Agent Toolkit in the second half of this year.
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Vera
Naver and Dunamu's $9.9 Billion Share Swap Transaction Delayed Again to Year-End
Naver Financial and Dunamu have postponed the completion date of their comprehensive share swap transaction to December 31st, marking the second delay for this deal. The transaction aims to integrate Dunamu, the operator of South Korea's largest cryptocurrency exchange Upbit, into Naver's financial division. The original settlement date was September 30th. Dunamu stated that incomplete digital asset legislation and pending antitrust reviews remain key variables, and any progress in either approval process could further extend the timeline or even lead to changes in the transaction.
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Upbit
Upbit Parent Company Dunamu and Naver Financial Stock Swap Transaction Delayed for Second Time
According to The Block, South Korea's Upbit parent company Dunamu and Naver Financial announced that their stock swap transaction has been delayed again, with the latest deadline extended to December 31, 2026. This is the second delay for the transaction; previously, in March this year, it was postponed from June 30 to September 30. The two companies stated that the "Digital Asset Basic Act" currently being drafted in South Korea may affect the transaction's progress or even the final outcome. The bill contains controversial clauses proposing to cap the shareholding ratio of major shareholders in domestic crypto exchanges at 20%, which would directly impact Upbit's existing equity structure if implemented. Previously, the transaction plan involved Naver Financial issuing approximately 87.56 million new shares, with a total value of about 15.13 trillion Korean won (approximately 9.9 billion USD), to promote synergistic development between both parties in the fields of digital assets and the integration of AI and blockchain.
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South Korean internet giant Naver will build data centers based on NVIDIA’s models.
According to Bloomberg, South Korean internet and cloud service provider Naver has decided to build data centers based on NVIDIA’s models to solidify its leading position in the artificial intelligence sector in South Korea.
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NVIDIA
KRW Stablecoin Alliance Accelerates Formation Amid Intensive Partnerships Between Banks and Fintech Giants
According to Yonhap News Agency, despite the absence of finalized legislation on the Korean won (KRW) stablecoin, major South Korean banks and fintech companies have accelerated efforts to form alliances. KB Kookmin Bank plans to collaborate with Toss, with KB taking the lead in issuance and Toss handling circulation; Shinhan Financial Group continues its collaboration with Samsung Financial; Woori Bank and NH Nonghyup Financial Group are currently considering Kakao’s partnership proposal; Hana Bank has already invested 1 trillion KRW in Dunamu and is jointly building South Korea’s largest stablecoin ecosystem with Naver. Meanwhile, the Bank of Korea is advancing the “Han River Project,” a pilot program for tokenized deposits. If this project launches rapidly, it could fuel claims that KRW stablecoins are unnecessary, further delaying related legislative progress.
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River
South Korean exchange Coinone sues the Financial Intelligence Unit (FIU) in an attempt to halt regulatory penalties
South Korean crypto exchange Coinone has filed a lawsuit against the Financial Intelligence Unit (FIU) regarding its penalties and has applied for a stay of execution with the Seoul Administrative Court, attempting to suspend the relevant measures before the sanctions take effect on April 29.The core of the sanctions is to restrict new users from depositing and withdrawing crypto assets to and from external exchanges. Previously, the FIU imposed a three-month partial business suspension and a fine of 5.2 billion Korean won on Coinone for violating the Specific Financial Information Act. (Naver)
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Naver Plans IPO for Its Financial Subsidiary; Share Swap Transaction with Cryptocurrency Exchange Dunamu Progresses
According to Tech in Asia, Naver plans to pursue an IPO for its subsidiary Naver Financial within five years after completing a share swap transaction with Dunamu—the operator of South Korea’s Upbit cryptocurrency exchange. Per the shareholders’ agreement signed by both parties, an IPO committee must be established within one year following the completion of the transaction; if the IPO is not completed within five years, the deadline may be extended up to seven years. The specific timing and structure of the IPO have yet to be determined and will depend on market conditions and regulatory developments. Notably, South Korea’s proposed Digital Asset Basic Act could impact the transaction structure, and regulators are also discussing a rule that would cap the maximum shareholding ratio for major shareholders of cryptocurrency exchanges at 20%. Meanwhile, Dunamu’s operating profit for 2025 declined 26.7% year-on-year to KRW 869.3 billion (approximately USD 591 million), primarily due to a slowdown in cryptocurrency trading volume.
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Dunamu
KingDefi
Meanwhile
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