Naver Corp. and Dunamu Inc. are poised to transform South Korea’s fintech and cryptocurrency sectors after confirming a historic merger that will channel $7 billion into AI and blockchain projects,
as reported by several local media outlets
. The agreement, worth 10 trillion Korean won (about $6.8 billion), involves Naver Financial taking over Dunamu, the parent company of Upbit, through a share swap,
resulting in a fintech powerhouse valued at roughly $13.6 billion
. The newly formed company will prioritize developing advanced financial infrastructure by merging Naver’s artificial intelligence strengths with Dunamu’s blockchain know-how,
with the goal of building a "new global framework"
that covers payments, settlements, and a wide array of financial services.
This merger highlights South Korea’s determined efforts to establish a homegrown stablecoin market, a key initiative for President Lee Jae Myung to challenge the prevalence of U.S. dollar-based tokens. The two firms intend to introduce a stablecoin tied to the Korean won,
drawing on Dunamu’s regulatory expertise
and Naver’s extensive reach, which includes 30 million monthly NaverPay users. This strategy supports the country’s broader push to safeguard its monetary independence, although legislative progress has been slow.
The Bank of Korea has maintained
that only licensed banks should be permitted to issue won-based stablecoins, presenting regulatory challenges for non-bank entities.
This investment signals a calculated move toward merging AI and blockchain technologies.
Naver CEO Choi Soo-yeon pointed out
the pivotal moment between the mainstream adoption of blockchain and the evolution toward agentic AI, describing the merger as a strategic answer to international competition. Dunamu President Song Chi-hyung stressed the opportunity to revolutionize conventional finance,
with the new company aiming to drive progress
in AI-driven blockchain platforms, decentralized finance, and seamless cross-platform integration. Over the next five years, both companies plan to invest in research facilities, workforce training, and startup support,
aiming to establish South Korea as a tech frontrunner
within Asia’s innovation landscape.
This development also escalates competition with KakaoBank, which has already moved its own won-backed stablecoin project into the development phase.
Kakao’s initiative, spearheaded by founder Kim Beom-soo
, involves recruiting blockchain specialists and assembling a dedicated team to oversee stablecoin and tokenization projects. At the same time,
Naver’s merger speeds up its integration
of Upbit’s liquidity and crypto systems, potentially allowing for rapid stablecoin deployment across its services.
Regulatory ambiguity continues to pose significant obstacles.
The Financial Services Commission has dismissed
requests to give the Bank of Korea emergency oversight over stablecoin issuers, arguing that smaller operators do not present major systemic threats. This approach mirrors global trends, as most leading economies have not yet provided direct liquidity support for stablecoins. Despite these challenges,
market experts believe the Naver-Dunamu merger
could become a model for regulated stablecoin launches in South Korea, assuming lawmakers soon finalize the necessary legal framework.
As both companies get ready to officially announce the merger, the outcome will depend on their ability to balance innovation with regulatory demands. The merged group’s success in navigating South Korea’s conservative monetary policies while competing with international tech leaders will be crucial in determining whether it can truly transform the nation’s financial industry.
