South Korean exchange operator Dunamu and Naver Financial are heading to a merger vote—analysts are watching closely as this could be laying groundwork for a public listing. The move signals major consolidation in Korea's crypto infrastructure space, and if the IPO materializes, it might reshape competitive dynamics across Asian markets. Both entities bring complementary strengths: Dunamu's established exchange footprint and Naver's fintech ecosystem could create a formidable player eyeing capital markets.