TechFlow News, April 16: According to a report by Tech in Asia, Naver plans to pursue an IPO for its subsidiary Naver Financial within five years following the completion of its 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 after the transaction closes. 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 remain undetermined 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 major shareholders’ ownership stakes in 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.
