South Korea’s internet giant eyes crypto leadership with Dunamu takeover
Naver Financial, the fintech arm of South Korea’s largest internet company, is preparing to acquire Dunamu, operator of the nation’s top crypto exchange Upbit, in a deal that could reshape the country’s digital finance landscape. The move comes as Naver sets its sights on launching a Korean won-backed stablecoin and building a stronger presence in the global fintech sector.
Reports of the acquisition boosted Naver’s stock price by more than 11.4%, trading at 254,000 Korean won ($181). In its latest quarterly report, Naver posted revenues of over $2 billion and net profit exceeding $355 million, signaling strong fundamentals to support its new venture.
Details of the Acquisition
According to South Korean media reports, Naver plans to acquire Dunamu through a share exchange, making the crypto exchange operator a subsidiary. Formal board meetings to approve the stock swap are expected soon, though both Naver and Dunamu have not issued official comments.
Often referred to as the “Google of South Korea,” Naver operates the country’s dominant search engine along with services such as email, maps, blogs, and a mobile payment system. With Upbit already holding the largest market share in South Korea’s crypto trading volume, the acquisition would give Naver a direct foothold in one of the most active crypto markets globally.
Stablecoin Ambitions
The acquisition is also linked to a planned won-backed stablecoin project under Naver Financial. Industry insiders suggest this initiative will act as a springboard for the tech conglomerate’s expansion into overseas digital finance.
A source told local media:
“The collaboration will serve as a stepping stone for Naver to become a global fintech company.”
The timing aligns with South Korea’s broader regulatory shift. In June, eight major South Korean banks announced plans to issue stablecoins pegged to the won by late 2025 or early 2026. The Bank of Korea has also voiced support for banks leading initial stablecoin issuance before opening the sector to other players.
Market and Investor Reaction
Meanwhile, Upbit’s growth highlights the opportunity. The exchange processed $2.9 billion in daily spot trading volume, ranking fourth globally behind Binance, which posted $23.8 billion. South Korea’s crypto user base surpassed 16 million earlier this year and is projected to approach 20 million by year-end, underscoring the sector’s rapid adoption.
With a rising user base, supportive regulatory momentum, and expanding corporate participation, South Korea’s crypto market is projected to hit $1.1 billion in revenue by 2025, growing to $1.3 billion in 2026. Naver’s acquisition of Upbit positions the company at the center of this trend, blending traditional tech dominance with digital finance innovation.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.