MoonPay, a global crypto payments firm, has announced a strategic collaboration with Dunamu, the parent company of South Korea's largest crypto exchange, Upbit. The two companies aim to explore new business opportunities together, focusing on stablecoin-based global payments, fund movement, and corporate finance and treasury management.
The partnership also includes plans to expand access to Dunamu's Ethereum Layer 2 network, GIWA. MoonPay's global services and network will be linked with Dunamu's blockchain infrastructure to enhance overseas market access for GIWA-based products and services.
Dunamu is currently 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) as part of its push into stablecoins and digital assets.
South Korea is also developing a comprehensive crypto framework titled the Digital Asset Basic Act, which includes rules for the issuance and distribution of won-pegged stablecoins.