Naver Financial Eyes Acquisition of Upbit, South Korea’s Largest Crypto Exchange
Light House Denver – Naver Financial, the fintech arm of South Korean tech giant Naver, is reportedly preparing a major acquisition of Dunamu. Dunamu is the parent company of the country’s largest crypto exchange, Upbit.
According to local media reports, the deal will be executed through a share-swap mechanism, making Dunamu an official subsidiary of Naver. A board of directors’ meeting to finalize this strategic move is expected to take place soon. So far, neither Naver nor Dunamu has issued an official statement.
Often dubbed the “Google of South Korea,” Naver dominates the country’s digital ecosystem with services spanning search engines, email, blogs, maps, and mobile payments. Upbit, meanwhile, holds the title of South Korea’s largest crypto exchange and ranks fourth globally by trading volume, according to CoinMarketCap.
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With its vast user base, the acquisition will strengthen Naver’s position as a key player in the global digital finance industry.
Following the acquisition, Naver Financial is reportedly planning to launch a Won-based stablecoin along with other digital finance initiatives. Industry insiders suggest that this project could serve as a crucial stepping stone for Naver’s expansion as a global fintech leader.
The move aligns with the plans of eight major South Korean banks. These banks announced in June their intention to issue Won-denominated stablecoins by late 2025 or early 2026. The Bank of Korea has also voiced its support for banks to act as the primary issuers of stablecoins during the initial phase.
South Korea’s crypto sector has gained positive momentum since the election of President Lee Jae-myung in June 2025. His administration has been actively promoting legislation, including bills aimed at legalizing and regulating stablecoins.
For Naver, this is not its first step into the digital asset space. In August 2024, the company launched Naver Pay Wallet in partnership with sports blockchain platform Chiliz.
News of the Dunamu acquisition was welcomed by investors. Naver’s stock surged more than 11.4%, trading at KRW 254,000. In the second quarter of 2025, the company reported revenues exceeding US$2 billion with net profits of about US$355 million.
Upbit continues to dominate trading in South Korea and recorded a 24-hour spot trading volume of US$2.9 billion. The exchange ranks second globally, behind Binance’s US$23.8 billion. Crypto exchange users in South Korea have been rising steadily, surpassing 16 million in February 2025. The number may reach 20 million by the end of the year, nearly 40% of the nation’s population.
This information is sourced from coininvestasi. Naver Financial, the fintech arm of South Korean tech giant Naver, is reportedly preparing a major acquisition of Dunamu. Read the full article on LightHouseDenver.
|Author: Lukman Azhari
|Editor: Anna Hidayat
