The Billionaire Founder: Song Chi-hyung

The founder of Dunamu, Song Chi-hyung, saw his net worth catapulted onto the billionaire list due to this transaction.
The agreement makes him the largest shareholder of Naver Financial ( the financial arm of Naver ) with a stake of about 19.5% after the stock swap. This substantial stake in the newly combined entity solidified his status as a billionaire.
Despite having the largest stake, he and the vice president will delegate their voting rights, allowing Naver to maintain operational control over the financial arm.
3. What This Means for the Market
Creating a Fintech Powerhouse: Naver combines its vast user base of digital services and payments with Dunamu's expertise in the digital asset market, creating a gigantic fintech group in Korea.
Crypto Expansion: Naver is consolidating its position in digital finance and blockchain. There are reports that Naver is also planning to launch a stablecoin backed by the Korean won, and the acquisition of Upbit (Dunamu) is a crucial step in this plan.
Possible IPO in the USA: There are plans for Dunamu/Upbit to proceed with an Initial Public Offering (IPO) on Nasdaq, in the USA, after the merger. This would give Wall Street investors exposure to the South Korean crypto asset.
In summary, this is one of the largest and most important acquisitions in the recent Asian crypto space, showing that traditional tech giants are willing to pay a high price to dominate the growing digital asset market.