Naver Financial Moves to Acquire Upbit Operator Dunamu, Plans Won-Backed Stablecoin

South Korea’s leading tech conglomerate Naver is preparing a major push into digital finance with plans for its fintech arm, Naver Financial, to acquire Dunamu, operator of the country’s largest cryptocurrency exchange, Upbit.

According to reports from Yonhap News and Chosun on Thursday, the deal will be executed through a share exchange, with board approvals expected in the near future.

Naver Expanding into Digital Finance

Often referred to as the “Google of South Korea,” Naver dominates the nation’s search engine market and offers services ranging from email hosting and mapping to mobile payments. Acquiring Dunamu would mark its most ambitious move yet into blockchain and crypto services.

Industry sources told Chosun that Naver Financial plans to launch a Korean won-backed stablecoin after the acquisition, positioning the company to compete in a rapidly growing global fintech landscape. The collaboration, they said, could serve as a “stepping stone to becoming a global fintech company.”

This strategy aligns with broader developments in South Korea’s financial sector. Eight major domestic banks have already announced plans to issue a won-pegged stablecoin by late 2025 or early 2026. Bank of Korea Deputy Governor Ryoo Sangdai has expressed support for banks as primary issuers, while leaving room for expansion to private firms as the market matures.

Market Reaction and Industry Impact

News of the potential acquisition sent Naver’s stock surging more than 11%, trading at roughly 254,000 Korean won (about $181). The company reported over $2 billion in revenue and $355 million in net profit for the second quarter of 2025, underscoring its financial strength to pursue large-scale deals.

Upbit, meanwhile, is a dominant force in South Korea’s crypto market. Data from CoinMarketCap shows it as the country’s largest exchange and the fourth largest globally, posting about $2.9 billion in 24-hour spot trading volume, second only to giants like Binance.

The timing is favorable. South Korea’s crypto industry has expanded under President Lee Jae-myung, who was elected in June and has championed crypto-friendly policies, including a bill to legalize stablecoins. According to Statista, the nation’s cryptocurrency market is projected to reach $1.1 billion in revenue by 2025 and grow to $1.3 billion by 2026.

With over 16 million South Koreans already using crypto exchanges—a number expected to approach 20 million by year’s end—Naver’s acquisition of Dunamu could reshape the country’s digital finance landscape.

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