MoonPay, Upbit parent Dunamu explore collaboration on stablecoin payments, GIWA expansion

MoonPay said Wednesday that it is pursuing a strategic collaboration with Dunamu, the parent company of South Korean crypto exchange Upbit, to jointly explore new business opportunities.

The two companies plan to look for opportunities in stablecoin-based global payments and fund movement, as well as corporate finance and treasury management. They also intend to examine ways to broaden access to Dunamu's Ethereum Layer 2 network, GIWA, and strengthen its global connectivity.

GIWA and overseas access

Under the planned collaboration, MoonPay would seek to connect its global services and network with Dunamu's blockchain infrastructure. The companies aim to improve overseas market access for products and services built on GIWA. The announcement described the effort as an exploration of joint opportunities rather than a completed agreement, and it did not provide commercial terms.

Dunamu runs Upbit, which the announcement describes as South Korea's largest crypto exchange. The company is pursuing a stock-swap merger with Naver Financial to launch joint stablecoin and payment services.

Earlier this year, Hana Bank acquired a 6.55% stake in Dunamu for 1 trillion won ($755.6 million). The investment came as the bank pushed further into stablecoins and digital assets.

The MoonPay-Dunamu exploration is taking place as South Korea develops a comprehensive crypto framework known as the Digital Asset Basic Act. The planned law is set to include rules and requirements for the issuance and distribution of won-pegged stablecoins.