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

Global crypto payments firm MoonPay announced Wednesday that it is pursuing a strategic collaboration with Upbit parent company Dunamu to explore new business opportunities jointly.

"The two companies will jointly identify new business opportunities across areas including stablecoin-based global payments and fund movement, and corporate finance and treasury management," the announcement said.

The companies also plan to explore ways to broaden access to Dunamu's Ethereum Layer 2, GIWA, and expand the network's global connectivity. Specifically, they seek to link MoonPay's global services and network with Dunamu's blockchain infrastructure to increase overseas market access for GIWA-based products and services.

Dunamu, the operator of South Korea's largest crypto exchange Upbit, is pursuing a stock-swap merger with tech giant 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) amid the bank's push into stablecoins and digital assets.

South Korea is also developing a comprehensive crypto framework titled the Digital Asset Basic Act, which includes rules and requirements for the issuance and distribution of won-pegged stablecoins.