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Key Takeaways
Naver in Talks for Upbit Acquisition – The tech giant is negotiating to acquire Dunamu, the operator of South Korea’s largest crypto exchange, Upbit, via a share-swap deal.
Stablecoin Strategy – Naver plans to launch a Korean-won-backed stablecoin, integrating it with its payment services and fintech ecosystem.
Regulatory and Valuation Challenges—While the market reacted positively, the deal faces hurdles related to valuation gaps and regulatory approval.
South Korean tech powerhouse Naver is reportedly in advanced talks to acquire Dunamu, the leading crypto exchange Upbit operator, in what would be a transformative move into digital finance.
Overview
According to a Thursday report by South Korean news agencies Yonhap News and Chosun, Naver will acquire Dunamu by making it a subsidiary through a share exchange, and board meetings to approve the stock swap are said to happen soon.
Under the proposed structure, Dunamu would become a wholly owned subsidiary of Naver Financial, with Upbit folded under Naver’s broader fintech umbrella. The deal is likely to be conducted via a share‐swap, in which existing Dunamu shareholders would exchange their holdings for newly issued Naver Financial shares.
Chosun noted,
“The collaboration will serve as a stepping stone for Naver to become a global fintech company.”
While board approvals are reportedly being scheduled, negotiations face valuation hurdles. Many believe Dunamu’s implied value exceeds Naver Financial’s, complicating the exchange ratio discussions. Both parties acknowledge that talks are ongoing but emphasise that nothing is finalised. The acquisition would extend Naver’s reach beyond its current search, content, and payments domains, giving it direct access to crypto trading infrastructure and users.
Stablecoin Ambitions and Ecosystem Integration
A central driver for Naver’s push into Dunamu is not simply owning Upbit, but leveraging it as the backbone for a Korean-won-pegged stablecoin initiative. Naver reportedly plans to have its financial arm launch a won-backed stablecoin, integrating it with its payment services and broader fintech ambitions.
The synergy is compelling: Naver’s existing Naver Pay handles massive payment volumes, and integrating stablecoin functionality could reduce transaction costs, increase settlement speed, and deepen user engagement across e-commerce, payments and financial services. Some industry analysts project that, if successful, a won-pegged stablecoin tied to Naver/Upbit infrastructure could generate substantial annual revenues by 2030.
The timing is favourable: South Korean regulators and lawmakers have recently shown increasing openness to legalising stablecoins and clarifying oversight. Still, tension remains: the Bank of Korea maintains that stablecoin issuance should be restricted to commercial banks to safeguard monetary stability.
If Naver fully integrates Upbit, it can embed the stablecoin into its massive user base, leveraging its dominance in search, content platforms, and payments, thereby creating a tightly coupled ecosystem of e-commerce, crypto trading, and payments.
Market Reaction, Risks, and Outlook
Following news of the possible acquisition, Naver’s stock price surged sharply, with gains of over 11 per cent recorded in some sessions, reflecting optimism about its pivot into the crypto sector. Meanwhile, Dunamu’s shares on the over-the-counter market fell, possibly signalling investor uncertainty about how valuation and deal terms might evolve. However, the reported deal is by no means assured.
The valuation gap is a significant obstacle, and regulators may scrutinise such a major cross-sector consolidation involving financial and crypto entities. Execution risk is also high: integrating a leading crypto exchange into a large tech conglomerate while rolling out a regulated stablecoin is operationally complex.
If the acquisition and stablecoin launch succeed, Naver could position itself as a powerhouse in the evolving intersection of fintech and crypto, laying the groundwork for a next-generation
“super app”
spanning payments, commerce, content, and digital assets. However, much depends on regulatory alignment, technical execution, and whether users and merchants adopt the new stablecoin infrastructure at scale.
The reported Naver-Upbit deal represents one of the boldest bets by a major tech company on the future of cryptocurrency in South Korea. The eyes of both industry watchers and regulators will be watching closely how the negotiations unfold—and whether this gambit reshapes the landscape of digital finance.