Naver will jointly invest approximately $7 billion in the AI and Blockchain fields with Dunamu, the parent company of CEX.

On November 27, according to multiple Korean media reports, South Korea's largest internet company Naver will invest approximately $7 billion in the fields of artificial intelligence and Blockchain after acquiring Dunamu, the parent company of South Korea's largest Crypto Assets platform CEX. The goal is to “establish a new global framework,” which covers not only payment and Settlement but the entire financial sector. Yesterday, Naver agreed to acquire Dunamu through an all-stock transaction, valuing the deal at approximately $10.3 billion, which operates CEX, South Korea's largest Crypto Assets trading platform. According to the transaction plan disclosed through regulatory filings on Wednesday, Naver's fintech subsidiary Naver Financial Corp. will complete the acquisition by issuing 2.54 shares of new Naver stock for each share of Dunamu stock held.