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South Korea’s largest cryptocurrency exchange, Upbit, has begun preparing for a possible IPO on the Nasdaq, after confirming that tech giant Never is set to acquire its parent company, Donamo, in a stock purchase deal.
The move is expected to be approved at board meetings next week, creating one of the strongest fintech and cryptocurrency conglomerates in Asia and accelerating Korea’s entry into US capital markets.
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The Naver-Dunamu merger sparked Upbit’s Nasdaq IPO
Bloomberg reports that the Abit Exchange may soon launch in the United States.
The news comes days after local reports that Never Financial will acquire Donamo through a stock market deal worth KRW 20 trillion ($14.5 billion), making operator Upbit a wholly owned subsidiary of the country’s dominant internet giant.
Never’s fintech ecosystem will be combined with Abbit’s 70% stake in local cryptocurrency trading to immediately create a first-class digital financial platform.
