Dunamu, which operates South Korea’s leading crypto exchange Upbit, is reportedly set to make its US market debut with a planned Nasdaq listing, following an impending merger with the local tech company Naver.

The merger is expected to be finalized this week, with Dunamu seeking to initiate an initial public offering aimed at the tech-forward Nasdaq. According to reports from the Seoul Economic Daily, the companies plan to hold board meetings on Wednesday to ratify the merger. Following this, CEO announcements are anticipated to occur on Thursday, detailing future plans.

Dunamu CEO Oh Kyung-seok addressing the APEC CEO Summit in October. Source: YouTube

Upbit is currently South Korea’s most frequented cryptocurrency trading platform, boasting recent trading volumes nearing $2.1 billion, which is comparable to the $2.2 billion seen by US rival Bullish, which had also completed an IPO in August.

Dunamu’s potential public offering opens doors for investors on Wall Street to tap into a vibrant crypto market that’s often characterized by trends that differ from those in other parts of the world.

Naver and Dunamu’s Future Plans

Recent reports highlighted that Naver Financial, the fintech division of Naver, plans to acquire Dunamu via a share exchange, putting the merger under review pending board discussions.

Naver, being South Korea’s primary search engine often referred to as the “Google of South Korea,” similarly provides services such as email, blogs, navigation, and mobile payment processing.

Moreover, Naver is looking to initiate a stablecoin project, aligning with South Korea’s advancements towards facilitating won-backed stablecoins through banking institutions.

Regulatory bodies are also expected to evaluate the merger’s implications to prevent the formation of a monopoly in the country’s crypto exchange and payment processing sectors.

Increased Crypto IPO Activity in the US

This year has seen numerous crypto firms establish themselves on US exchanges, benefitting from a more favorable policy landscape. Several platforms, including Gemini, Bullish, and eToro, have officially debuted, although they currently face declining stock prices in response to trends in the cryptocurrency market.

One of the most successful IPOs of the year belongs to Circle Internet Group, which achieved a stunning valuation of $18 billion on its initial trading day.