SEOUL, Oct. 2 (UPI) -- The share price of Naver surged some 10% over the past week after reports that the leading internet company of South Korea may merge with Dunamu, a major player in the country's cryptocurrency industry.
Naver's affiliate, Naver Financial, is reportedly in talks with Dunamu, which operates the world's No. 4 crypto exchange Upbit, for a stock-for-stock merger. If finalized, Dunamu would become one of Naver's subsidiaries.
Both companies confirmed Thursday that such negotiations were underway, but they declined to provide details.
"Beyond discussions on stablecoins and an unlisted stock trading platform, Dunamu and Naver Pay are exploring a range of additional collaborations. No further details or specific agreements have been finalized at this time," Dunamu's chief spokesman Juan Kim told UPI.
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