Naver Acquires Upbit Operator Dunamu in Crypto Push

The agreement between Naver Financial and Dunamu is structured as a share exchange, a strategic financial maneuver distinct from a traditional cash buyout. According to reports from Yonhap and Chosun, this method allows Naver to gain full ownership of Dunamu without an immediate capital outlay. The companies have established internal task forces to finalize the transaction’s details, with a key focus being the valuation ratio for Dunamu’s unlisted stock. Once board approvals are secured, Dunamu will officially become a subsidiary of Naver Financial, deeply integrating Upbit’s crypto infrastructure into Naver’s existing portfolio.

This acquisition is not Naver’s first foray into blockchain technology. In 2024, the company introduced the Naver Pay Wallet through a partnership with Chiliz, a sports-focused blockchain platform. However, the Dunamu deal represents a quantum leap in scale and ambition. It brings under Naver’s wing the premier gateway for crypto trading in South Korea, a country where exchange users have reportedly crossed the significant threshold of 16 million. The move is backed by the strong financial performance of Naver Financial, which posted over $2 billion in revenue and a net profit exceeding $355 million in the second quarter of 2025 alone.

At the heart of this acquisition is Naver’s overarching strategy to construct a ‘super app’—a single, all-encompassing platform for a wide array of consumer services. Naver already dominates South Korea’s search engine market and operates successful e-commerce platforms, email services, maps, and its Naver Pay mobile payment system. By incorporating Upbit’s crypto trading capabilities, the company aims to seamlessly link everyday consumer activities with digital asset management. This integration envisions a future where users can search, shop, pay bills, and trade Bitcoin and other cryptocurrencies without ever leaving the Naver ecosystem.

The potential of this integrated approach is underscored by the growing mainstream adoption of digital assets in South Korea. A revealing survey from the country’s Ethics Commission for Government Officials in late March indicated that 20% of surveyed public officials held crypto assets worth 14.4 billion won ($9.8 million). This data point, while specific, reflects a broader national trend of digital asset acceptance, which Naver is now strategically positioned to capitalize on by offering a unified and trusted platform.

A critical component of Naver’s post-acquisition roadmap is the development and launch of a won-backed stablecoin. Local media reports confirm that both Naver and Dunamu have been exploring the concept, and the merger is expected to accelerate these efforts for both a domestic launch and international expansion. This initiative, however, will place Naver Financial in direct competition with South Korea’s established banking sector.

The nation’s banks have already announced their own won-pegged stablecoin project, slated for late 2025 or early 2026. Furthermore, the Bank of Korea has signaled its preference for banks to lead the stablecoin market before it is opened to non-bank entities. Naver’s move challenges this anticipated hierarchy, setting the stage for a significant contest between the agile, tech-driven approach of a fintech giant and the regulated, traditional framework of the banking industry. The outcome of this competition will likely shape the future of digital payments and asset tokenization in South Korea.