TechFlow, November 25 — According to The Block, Naver Financial, the financial arm of South Korean tech giant Naver, has completed development of a stablecoin wallet currently in its final verification phase, with plans to launch next month. The wallet project was co-developed with venture firm Hashed and the Busan Digital Asset Exchange (BDAN), and will support the tokenization of Busan’s local currency, "Dongbaek-jeon," enabling residents and visitors to exchange various fiat currencies into the local currency in stablecoin form. The service will integrate with Naver Pay Wallet, though full functionality awaits the establishment of South Korea’s regulatory framework for local-currency-backed stablecoins. Meanwhile, Naver is merging with Dunamu, the parent company of South Korea’s largest crypto exchange Upbit, via a share swap; following the merger, Dunamu plans to list on Nasdaq as a wholly-owned subsidiary of Naver.
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