Naver to Acquire Upbit Operator Dunamu in Landmark Deal, Signaling Major Push into Crypto and Payments
SEOUL, SOUTH KOREA – South Korean tech giant Naver Corp. is poised to acquire Dunamu Inc., the parent company of leading cryptocurrency exchange Upbit, in a complete stock swap, industry sources revealed Thursday.The move unites Korea’s dominant simple payment service, Naver Pay, with the nation’s largest crypto exchange – currently ranked fourth globally – setting the stage for significant disruption in both the financial and digital asset landscapes.
Under the proposed agreement, Naver’s fintech arm, Naver Financial Corp., will acquire Dunamu, establishing a structure where Naver controls Naver Financial, which will then hold Dunamu as a sub-subsidiary. Despite the acquisition, Dunamu will maintain it’s operational independence, with co-founders Song Chi-hyung, chairman of the board, and Vice Chairman Kim Hyoung-nyon continuing to lead the company.
The strategic alliance is expected to accelerate the growth of crypto-based payment services and, crucially, a won-based stablecoin. Industry analysts emphasize that the combined strength of naver and Dunamu is essential for successfully globalizing a Korean won-denominated stablecoin,a project that appears to have been a key driver behind the deal.
“It is true that we are discussing various possibilities, but nothing has been finalized,” representatives from both companies stated.
The acquisition aligns with the vision of Naver founder and board chairman Lee Hae-jin to ”create Korea’s largest financial super app,” consolidating Naver’s position as a central player in the country’s evolving financial ecosystem. Experts predict that the synergy between the two companies will position them as frontrunners in establishing a robust won-based stablecoin ecosystem.
