Quick breakdown
- Acquisition Drive: Naver Financial is set to acquire Dunamu, operator of South Korea’s largest exchange Upbit, via a share swap.
- Stablecoin Launch: The fintech arm plans to introduce a won-backed stablecoin and expand globally.
- Market Boost: Naver stock surged 11.4% on the news, underscoring investor enthusiasm for its crypto ambitions.
Naver advances on Dunamu takeover
South Korea’s tech giant Naver, often dubbed the “Google of Korea,” is moving forward with a landmark acquisition of Dunamu, the operator behind the country’s largest cryptocurrency exchange, Upbit. According to reports from Yonhap News and Chosun on Thursday, Naver Financial will execute the deal through a share swap, with board meetings to finalize approval expected soon.
Both Naver and Dunamu have yet to issue official comments on the potential transaction.
Stablecoin plans in the pipeline
Following the acquisition, Naver Financial is reportedly preparing to roll out a Korean won-backed stablecoin and expand its digital finance offerings. Industry insiders quoted by Chosun suggested the collaboration could be a launchpad for Naver to position itself as a global fintech contender.
This development comes as eight of South Korea’s leading banks announced plans in June to issue a won-pegged stablecoin by late 2025 or early 2026. The Bank of Korea has also indicated that banks should lead initial stablecoin issuance before gradually opening the sector to other players.
Stock jumps as market responds
The acquisition buzz immediately lifted investor sentiment. Naver’s stock surged more than 11.4%, trading at 254,000 won ($181) on Thursday. The tech conglomerate reported over $2 billion in revenue and $355 million in net profit for the second quarter of 2025.
While this is not Naver’s first step into crypto—it partnered with blockchain firm Chiliz in 2024 to launch the Naver Pay Wallet—the Dunamu deal marks its boldest crypto-related move yet.
South Korea’s crypto market keeps rising
Upbit, operated by Dunamu, dominates South Korea’s crypto landscape and ranks fourth globally with $2.9 billion in 24-hour spot trading volume, compared to Binance’s $23.8 billion.
User adoption in South Korea continues to rise sharply, surpassing 16 million registered crypto traders as of February, with projections suggesting the number could reach 20 million by year-end. This growth aligns with Statista forecasts, which estimate the local crypto market will generate $1.1 billion in revenue by 2025, climbing to $1.3 billion in 2026.
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