TLDR
- Naver is set to acquire Dunamu, the operator of South Korea’s largest crypto exchange, Upbit, through a stock swap.
- The acquisition will allow Naver to expand into digital finance, including launching a Korean won-backed stablecoin.
- Upbit is the largest crypto exchange in South Korea by trading volume and customer base.
- The merger aims to position Naver as a global player in the fintech industry.
- Naver’s stock rose over 11% following news of the acquisition.
South Korean internet giant Naver is set to acquire Dunamu, the operator of Upbit, South Korea’s largest cryptocurrency exchange. The acquisition will take place through a stock exchange, with Naver making Dunamu a subsidiary. Industry sources have confirmed that board meetings to approve the deal are expected soon. This move aligns with Naver’s strategy to expand into the digital finance sector.
Naver to Expand into Digital Finance with Upbit Acquisition
Naver’s planned acquisition of Dunamu will likely position the company as a key player in digital finance. The acquisition includes Upbit, which is the largest crypto exchange in South Korea, according to CoinMarketCap. After the acquisition, Naver Financial plans to launch a Korean won-backed stablecoin, strengthening its foothold in the fintech industry. The stablecoin project is expected to complement Naver’s efforts to explore international markets.
“With this acquisition, Naver seeks to become a global fintech company,” an industry source noted. The merger also positions Naver to benefit from Upbit’s substantial customer base and high trading volume. As the largest crypto exchange in South Korea, Upbit’s operations will enhance Naver’s existing financial services. Upbit’s presence in the global market further aligns with Naver’s strategy for overseas expansion.
Naver Targets Global Fintech Growth via Upbit
The acquisition of Upbit is part of a broader trend in South Korea’s evolving cryptocurrency landscape. South Korean banks have already expressed plans to launch a stablecoin pegged to the Korean won by 2025 or 2026. Naver’s foray into stablecoins shows its commitment to establishing a strong presence in the digital finance sector. Furthermore, the Bank of Korea’s deputy governor has shown support for banks leading the stablecoin market, creating an opportunity for Naver to position itself as a key player in this space.
This acquisition also comes at a time when the South Korean crypto industry is growing rapidly. The country’s cryptocurrency market is expected to reach a revenue of $1.1 billion in 2025, growing to $1.3 billion by 2026. Upbit, with its massive user base and strong trading volume, is poised to capture a larger share of this growth. Naver’s stock saw a significant increase following the announcement, rising over 11% in response to the news.
Upbit, with a 24-hour trading volume of $2.9 billion, is a critical asset for Naver. The exchange’s position as the largest crypto platform in South Korea enhances Naver’s capabilities. Naver’s move to acquire Upbit underscores its ambition to dominate both the domestic and global fintech sectors. As Naver explores its stablecoin and other digital finance projects, Upbit will serve as an essential platform to execute these initiatives.
