Naver Financial is reportedly preparing to acquire Upbit operator Dunamu in a stock swap deal.
South Korea’s fintech and tech giant Naver is reportedly preparing to acquire Dunamu, the operator of Upbit, the fourth-largest crypto exchange by volume.
The deal, expected to be executed via a stock swap, would bring Upbit under the umbrella of Naver Financial, expanding the group’s influence from internet services to crypto.
Strategic Expansion into Crypto and Stablecoins
Naver, often called South Korea’s Google, has built a vast ecosystem spanning search, e-commerce, digital payments, and global content platforms.
Industry sources revealed that Naver plans to launch a Korean won-backed stablecoin following the acquisition, leveraging Dunamu’s blockchain infrastructure and Upbit’s dominant role in crypto trading.
Interestingly, South Korea’s crypto industry has exploded under President Lee Jae-myung, who has advanced pro-crypto legislation, including steps toward stablecoin regulations.
Users, Payments, and Blockchain Infrastructure
Naver boasts over 40 million monthly active users, a base that could dramatically simplify and expand Upbit registrations through integrated authentication and streamlined KYC.
Naver Pay, already one of South Korea’s largest payment platforms, could incorporate stablecoins to improve efficiency and cut fees, while Dunamu would capture blockchain-related revenues through its GIWA Chain and transaction infrastructure.
Upbit’s current 10 million users, when merged with Naver’s reach, could accelerate adoption across payments and crypto services, according to Tiger Research Reports.
The integration would not only reduce frictions in crypto sign-ups but also establish a unified ecosystem where stablecoins become a practical part of daily commerce, both online and offline.
The report stated that Upbit could play the role of an on/off-ramp since stablecoins and cryptocurrencies have yet to go mainstream for payments.
Beyond Finance: Content and Global Reach
Naver Webtoon, which generates billions in revenue, could leverage Dunamu’s blockchain technology for on-chain intellectual property management, fan economies, and new monetization models, noted Tiger Research Reports.
Beyond Webtoon, platforms such as Poshmark and Naver’s advertising arm could also see blockchain-driven innovations, from programmable payments to tokenized assets.
The market has already reacted strongly, with Naver’s stock jumping over 11.4% following the reports. Both companies have denied finalizing the acquisition, while market participants compare the deal to Google acquiring Coinbase, the leading American exchange.
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