SEOUL, Nov. 27 (Yonhap) — IT giant Naver Corp. and Dunamu Inc., the operator of the country’s largest cryptocurrency exchange Upbit, said Thursday they will jointly invest 10 trillion won (US$6.8 billion) in creating an ecosystem for artificial intelligence (AI) and Web3 technologies over the next five years with an aim to become a global leader in the digital finance market.
The plan was unveiled at a joint press conference of Naver, its fintech arm Naver Financial Corp. and Dunamu, held to announce the three companies’ future business strategy.
The conference came a day after Naver Financial decided to acquire Dunamu as a wholly owned subsidiary through a share-swap deal, a move expected to help Naver expand its portfolio into digital finance and strengthen its foothold in the fast-growing blockchain-based services sector.
The companies said they will leverage each other’s strengths to integrate their AI and Web3 technologies to penetrate into the global fintech market. Web3 refers to the next-generation IT technologies emphasizing decentralization, blockchain and user ownership, such as cryptocurrencies and non-fungible tokens.
Naver, the operator of South Korea’s largest internet portal, has been focusing on building its AI strength in recent years, while Naver Financial handles the country’s largest annual payment volume of over 80 trillion won. Dunamu operates the country’s No. 1 and the world’s fourth-largest crypto exchange by trading volume.
“The current technological momentum — where the mainstream of blockchain coincides with the transition of AI to the agentic AI stage — represents a critical moment that opens up new opportunities,” Naver’s Chief Executive Officer (CEO) Choi Soo-yeon said.
“The three companies are joining forces to design next-generation financial infrastructure combining AI and blockchain, which will serve as a new global platform ecosystem that extends beyond payments to encompass all aspects of finance and everyday life services,” Dunamu Chairman Song Chi-hyung said.
“In the future, most assets will be tokenized and circulated on blockchain,” said Kim Hyoung-nyon, vice chairman of the crypto exchange operator. “Through this corporate merger, we aim to create a future in which South Korea leads the borderless digital asset market.”
Meanwhile, regarding speculation that Naver Financial may bid for listing on the Nasdaq composite, one of the major U.S. stock indexes with a tech focus, the Naver CEO said “there are currently no plans to pursue a Nasdaq listing.”
“Even if we consider going public (on Nasdaq) in the future, our priority will be to enhance our shareholder value,” she added.
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