According to the source, Upbit operator Dunamu and Naver Financial are set to hold votes on a proposed merger as the market watches a possible IPO path. According to the source, this corporate action is being viewed as a potential catalyst for Korean won-denominated crypto trading on Upbit, prompting traders to monitor BTC/KRW and ETH/KRW volumes, spreads, and funding rates around the vote and any subsequent announcements. According to the source, the IPO angle could influence perceptions of regulatory readiness and capital access for the combined entity, factors traders often consider when assessing exchange-related liquidity conditions.