Key Takeaways
- As per reports, Naver will acquire Dunamu by making it a subsidiary via a share exchange
- Following the acquisition, Naver Financial will reportedly launch a won-backed stablecoin project
Naver Financial, the fintech arm of South Korea’s largest internet company, is moving forward with plans to acquire Dunamu, the operator of Upbit, the country’s biggest cryptocurrency exchange. The agreement will be structured as a share exchange, making Dunamu a wholly owned subsidiary of Naver Financial once board approvals are completed, according to reports from Yonhap and Chosun.
The companies have already formed internal task forces to finalize details of the transaction, including the valuation ratio for Dunamu’s unlisted stock. Unlike a traditional cash buyout, the swap will give Naver ownership of Dunamu without immediate capital outlay. As per reports, Naver will acquire Dunamu by making it a subsidiary via a share exchange.
At the center of the strategy is Naver’s ambition to build a “super app.” Naver already dominates South Korea’s search market and operates a wide range of services such as e-commerce platforms, email, maps, and mobile payments. By bringing Upbit’s crypto infrastructure into its ecosystem, the company aims to link everyday consumer services with digital asset trading.
Plans also include the development of a won-backed stablecoin. As per local media reports, both firms have been exploring the concept, and following the acquisition, Naver Financial is expected to push forward with a domestic launch as well as international expansion.
South Korea’s banking sector has already announced its own won-pegged stablecoin initiative, set for late 2025 or early 2026, and the Bank of Korea has signaled that banks should play the lead role before opening the market more broadly.
Naver has not been absent from crypto until now. In 2024, the company introduced Naver Pay Wallet in partnership with Chiliz, a blockchain platform focused on sports. The Dunamu deal, however, significantly expands its role in the sector.
Naver Financial had posted over $2 billion in revenue and a net profit above $355 million in the second quarter of 2025. Earlier this year, a report surfaced highlighting that crypto exchange users in South Korea have crossed over 16 million. The country’s Ethics Commission for Government Officials in late March had revealed that 20% of surveyed public officials hold 14.4 billion won ($9.8 million) in crypto.