Naver Acquires Upbit Operator Dunamu In Stock Swap

South Korean tech giant Naver has completed the acquisition of Dunamu, the operator of leading cryptocurrency exchange Upbit, through a comprehensive stock swap. The deal is aimed at accelerating both companies’ entry into digital finance and the growing stablecoin market.

According to the Chosun Daily, the transaction was executed between Naver Financial, Naver’s fintech arm, and Dunamu, creating a powerful combination in the digital payments and cryptocurrency space. The stock swap structure allows Naver to acquire Dunamu without cash payments, establishing a parent-subsidiary governance relationship.

The agreement merges Naver Financial’s large-scale payment infrastructure, which processes over 80 trillion Korean won ($60 billion) annually, with Upbit – South Korea’s largest crypto exchange and the world’s fourth-largest by trading volume.

The merger is specifically designed to accelerate the development of won-pegged stablecoin services, positioning the combined entity to compete in Korea’s emerging digital currency market. The partnership leverages Naver’s extensive consumer ecosystem – spanning e-commerce, payments, and digital services – with Dunamu’s cryptocurrency trading expertise.

An industry source told Chosun Daily: “This collaboration will serve as a stepping stone to becoming a global fintech company.”

The acquisition marks a major consolidation in South Korea’s fintech sector, as traditional internet firms increasingly expand into financial services and digital assets. Combining Naver’s dominance in online services with Upbit’s crypto leadership creates a unified ecosystem covering shopping, payments, and crypto trading.

Following the merger, the companies plan to jointly launch won-pegged stablecoin products before pursuing international expansion. The timing of the deal coincides with a period when South Korean regulators are showing greater openness toward digital asset innovation, allowing licensed operators to broaden their services.

The move also aligns with the global trend of rising institutional interest in stablecoins, which act as a bridge between traditional finance and digital assets. By acquiring Dunamu, Naver positions itself to capitalize on this convergence.

Despite heightened regulatory scrutiny in recent years, Upbit has maintained its position as South Korea’s top cryptocurrency exchange, handling the majority of the nation’s trading volume. Integration with Naver’s broader financial services portfolio could accelerate mainstream adoption of crypto among Korean consumers.

Disclaimer: The content above reflects the author’s personal views and does not represent any official position of Cobic News. The information provided is for informational purposes only and should not be considered as investment advice from Cobic News.