Naver Financial announced the launch of its stablecoin wallet “Silk Pocket” next month, developed in collaboration with Hashed and the Busan digital exchange.
The wallet will allow users to convert local currencies into KRW-pegged stablecoins instantly and, in the future, exchange fiat for “Dongbaekjeon,” a regional currency offering cashback to residents, which already has 1.5 million monthly active users. The wallet will also integrate with the Naver Pay Wallet system and will be showcased at “Blockchain Week in Busan 2025” on February 22.
Meanwhile, Naver Financial and Dunamu will vote on the merger proposal on November 26, with the official announcement scheduled for the following day. The deal will be executed through a stock-for-stock exchange, diluting Naver from 70% to 17% and making Song Chi-hyung the largest shareholder with 28%. The combined entity is expected to pursue a Nasdaq listing, with an estimated valuation of $34.5 billion if it attracts international investor interest.
In the third quarter, Naver reported revenue of 3.14 trillion won ($2.32 billion) and an operating profit of 570.6 billion won ($422.7 million), while Dunamu posted revenue of 385.9 billion won ($262.9 million) and net profits of 239 billion won ($162.8 million).
Source: https://n.news.naver.com/article/011/0004559897?sid=101
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