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Naver Financial, the fintech arm of South Korea’s largest portal Naver is set to acquire Upbit, the country’s largest crypto exchange, through a share-swap with operator Dunamu.
The move not only gives Naver a direct role in digital asset trading but also gives direct entry into the fast-emerging stablecoin market.
Naver To Take Over Upbit Exchange
Naver, South Korea’s largest search engine, already dominates online search, email, blogs, maps, and digital payments in the country. Now, with this share-swap deal, it is set to take over Upbit, which is South Korea’s No.1 cryptocurrency exchange and ranks as the world’s fourth-largest exchange by trading volume.
Reports suggest board approvals for the stock swap will happen soon, formally making Dunamu a subsidiary of Naver Financial.
With its popular payments service, Naver Pay, already handling an annual volume of 80 trillion won, the company now has the chance to link shopping, payments, and crypto under one ecosystem.
Naver’s Push Into Stablecoins Market
But this isn’t just about ownership. The two firms are also preparing to launch a won-pegged stablecoin, offering Korea its own currency-backed alternative to dollar-based tokens.
Industry insiders see the project as a potential stepping stone for Naver to grow into a global fintech leader.
The timing is crucial as the government under President Lee Jae-myung has created a more crypto-friendly environment, recently backing legislation to legalize stablecoins.
Naver’s Stock Price Jump 12%
Investor reaction was quick following the announcement as Naver’s shares jumped over 11% to 255,000 won after news of the deal broke, reflecting excitement over its expansion into crypto.
The company had dipped its toes into crypto before, with a wallet launch in 2024, but this acquisition marks its biggest commitment yet.