South Korean crypto exchange Upbit’s parent company, Dunamu, is planning to debut in the US after merging with tech giant Naver. The IPO is set for Nasdaq after the merger, expected to close this week. Upbit is South Korea’s top exchange, with $2.1 billion in daily volume.

Dunamu and Naver are set to merge, with Naver Financial acquiring Dunamu. Naver, known as the “Google of South Korea,” plans to launch a local stablecoin project. Regulatory approval is needed for the merger, which may face scrutiny for potential monopoly issues.

The US has seen a surge in crypto IPOs this year, with Gemini, Bullish, eToro, and Circle Internet Group debuting. Despite stock price declines due to market fluctuations, Circle had a successful IPO in June, reaching a valuation of $18 billion. The trend reflects a more favorable policy environment for crypto companies in the US.

Read more at CoinTelegraph: Upbit Plans Nasdaq IPO After Naver Merger: Report