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Naver has acquired Upbit operator Dunamu through a stock swap, combining South Korea’s largest online platform with its leading crypto exchange to launch a won-pegged stablecoin and pursue global fintech growth.
South Korea’s Naver and Dunamu Unite for Global Fintech Push
South Korea’s Naver Financial, the fintech arm of internet giant Naver, has acquired Dunamu, the operator of crypto exchange Upbit, through a comprehensive stock swap.
The deal brings together Naver’s dominance in digital payments, processing nearly $58 billion (80 trillion won) annually, with Dunamu’s position as South Korea’s top crypto exchange and the world’s fourth-largest by trading volume. Rather than a cash buyout, the stock swap creates a governance model similar to a parent-subsidiary relationship, cementing Naver’s entry into digital finance.
A central focus of the partnership will be the launch of a won-pegged stablecoin, an initiative both firms have been developing jointly. With Naver’s integration across shopping, payments, and daily services, the stablecoin is expected to become a seamless part of everyday transactions while also positioning the companies for overseas expansion.
Industry observers see the merger as a turning point in South Korea’s fintech sector, potentially setting the stage for one of the world’s first large-scale, internet platform-backed stablecoins.
If successful, the Naver-Dunamu alliance could reshape digital finance by linking mainstream payments with cryptocurrency infrastructure, creating a powerful model for web2 to web3 convergence.