Naver Acquires Upbit Operator Dunamu in Strategic Stock Swap

South Korean internet giant Naver has acquired Dunamu, the operator of major cryptocurrency exchange Upbit, through a comprehensive stock swap deal aimed at accelerating the companies' entry into digital finance and stablecoin markets.

The transaction between Naver Financial, the fintech arm of South Korea's largest portal company, and Dunamu creates a formidable combination in the digital payments and cryptocurrency space, according to the Chosun Daily on Thursday. The stock swap structure allows Naver to acquire Dunamu through share exchange rather than cash payment, establishing a parent-subsidiary governance relationship.

The deal unites Naver Financial's substantial payment infrastructure, which processes 80 trillion Korean won ($60 billion) in annual transaction volume, with Dunamu's Upbit exchange, South Korea's dominant crypto trading platform and the world's fourth-largest by volume, according to the Chosun Daily.

The merger is specifically designed to accelerate 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.

"This collaboration will serve as a stepping stone to becoming a global fintech company," an industry source told The Chosun Daily.

The acquisition represents a significant consolidation in South Korea's fintech sector, where traditional internet companies are increasingly moving into financial services and digital assets. Naver's existing dominance in online services, combined with Upbit's crypto market leadership, creates a platform covering shopping, payments, and cryptocurrency trading within a single ecosystem.

Following the merger, the companies plan to jointly launch won-pegged stablecoin products before pursuing international expansion opportunities. The move comes as South Korean regulators have shown increasing openness to digital asset innovation, creating opportunities for licensed operators to expand their service offerings.

The transaction timing coincides with growing institutional interest in stablecoins globally, as companies seek to bridge traditional finance with digital asset markets. Naver's entry into crypto through the Dunamu acquisition positions the tech giant to capitalize on this convergence.

Upbit has maintained its position as South Korea's leading cryptocurrency exchange despite regulatory scrutiny in recent years, handling the majority of the country's crypto trading volume. The platform's integration with Naver's broader financial services portfolio could accelerate mainstream crypto adoption among Korean consumers.