Meritz Securities said the news of a stock exchange between NAVER and Dunamu is the best choice to enable expansion into digital assets. The analysis is that this stock exchange will not stop at merely improving profitability but will be used to expand into digital asset businesses such as real-world asset (RWA) tokenization and stablecoins.
Lee Hyo-jin, a Meritz Securities researcher, said, "According to media reports, Naver Financial and Dunamu are set to be incorporated into the Naver group through a comprehensive stock exchange," adding, "However, Naver said in a filing that the details have not been finalized, but the direction appears to be correct."
Currently, the equity of Naver Financial is held by Naver and Mirae Asset group at a ratio of three to one. Considering the equity relationship, the group's securities could participate in existing securities transactions and RWA tokenization, and Dunamu could distribute them. The practical use of digital assets can be handled by Naver Financial in the payments area.
The researcher said, "If this structure becomes visible, it will expand into areas that connect payments the market expects through Robinhood and stablecoins," adding, "We do not believe this deal should be seen merely as an increase in consolidated profit from a simple acquisition."