Naver Corp. has reached an agreement to purchase Dunamu Inc., the company behind South Korea’s largest cryptocurrency platform Upbit, through an all-stock transaction
estimated to be worth around $10.3 billion
, signaling a major move into the digital asset industry. As part of the deal, Naver’s financial subsidiary, Naver Financial Corp., will
offer 2.54 new shares for each Dunamu share
, resulting in Dunamu becoming a fully owned subsidiary. The acquisition, pending approval from the Korea Fair Trade Commission and compliance with the Act on the Use and Protection of Credit Information,
is intended to strengthen Naver’s leadership
in South Korea’s digital financial sector.
This merger brings together Naver’s extensive ecosystem—which includes e-commerce, digital payments, and content—with Upbit’s dominance in cryptocurrency trading. Upbit controls more than 80% of the nation’s digital asset market and is among the top five global exchanges by trading volume,
giving Naver a platform
to introduce a won-pegged stablecoin and weave blockchain solutions into its various services.
Experts believe this strategy
will speed up Naver’s efforts to lead the local stablecoin market, using its wide user base and financial network to build an integrated digital ecosystem.
Nonetheless, regulatory obstacles remain as South Korean authorities are split over how to oversee stablecoins.
The Bank of Korea (BOK) maintains
that banks should control most of the shares in stablecoin issuers to reduce systemic risks, while the Financial Services Commission (FSC) supports broader involvement, including from technology companies. This disagreement has
postponed the establishment of a stablecoin regulatory system
, with lawmakers currently considering three different proposals to set standards for reserves and licensing. Despite the regulatory ambiguity, Naver and other tech leaders are moving forward with stablecoin projects, such as a planned wallet partnership with Hashed and the Busan Digital Exchange.
The combined company is also targeting
a public listing on Nasdaq, aiming to rival international fintech and crypto-related businesses seeking access to U.S. capital markets. If the IPO succeeds, Naver-Dunamu could emerge as a major global fintech player, capitalizing on Upbit’s trading activity and Naver’s consumer reach to attract global investors. The plan
reflects a wider movement
among crypto companies, such as Bullish and Gemini, that are pursuing U.S. listings to benefit from increasing institutional interest.
Within South Korea, the transaction must overcome both shareholder and regulatory challenges.
Investors from both organizations
are scheduled to vote on the merger in May 2026, and those who disagree will have appraisal rights. The regulatory review process, including merger assessments and shareholder consent, will influence the timeline for Naver’s digital finance goals. At the same time,
recent initiatives by the South Korean government
to lower U.S. auto tariffs—backed by a $350 billion investment commitment—underscore the nation’s focus on balancing trade priorities with innovation in areas like fintech.
As Naver-Dunamu works through these complexities, the acquisition highlights South Korea’s shifting role in the global digital finance landscape. By merging conventional payment systems with blockchain technology, the new entity could reshape regional competition and influence regulatory standards, especially as stablecoin use expands. For now, industry watchers are keeping a close eye on regulatory shifts and the progress of the Nasdaq IPO, which could redefine South Korea’s standing in the worldwide fintech sector.
