PANews reported on September 26th that the "significant transaction" between Naver Financial, a subsidiary of South Korean search engine giant Naver, and Upbit operator Dunamu is seen as a step for Naver to simultaneously transform its core business and governance structure. Dunamu Chairman Song Ji-hyung (transliteration) is expected to become Naver's new largest shareholder. Meanwhile, some believe that the regulation of "financial separation" (the separation of traditional finance and virtual assets) will be a core point of contention in the merger discussions between Naver and Dunamu. A financial authority official stated, "We will examine whether Naver's acquisition of Dunamu violates financial separation regulations."

Earlier news reported that South Korean Internet giant Naver and Upbit's parent company reached an equity swap agreement to jointly develop stablecoin business .