Korean Tech Giant Naver Set to Acquire Upbit

South Korea’s leading internet powerhouse, Naver, is making waves with plans to acquire Dunamu, the operator of Upbit, the country’s largest cryptocurrency exchange. According to reports from Yonhap and Chosun, Naver Financial, the company’s fintech arm, will complete the takeover through a share exchange that will make Dunamu a subsidiary. The deal is expected to be finalized following upcoming board approvals.

Often called the “Google of South Korea,” Naver dominates search, email, maps, blogs, and payments through its various platforms. Its fintech division is now preparing to extend its influence deeper into digital assets by launching a Korean won-backed stablecoin, a move seen as a stepping stone toward becoming a global fintech leader.

The timing is significant. Earlier this year, eight major South Korean banks revealed plans to issue their own stablecoin pegged to the won by late 2025 or early 2026. Support from the Bank of Korea for such projects has added momentum, while President Lee Jae-myung’s pro-crypto policies, including legislation to legalize stablecoins, have created a friendlier environment for digital finance growth.

Naver has already dipped its toes into crypto with the launch of Naver Pay Wallet in 2024, developed in partnership with sports blockchain firm Chiliz. Investors appear excited about its latest bold move, with Naver’s stock price surging more than 11% to trade at 254,000 Korean won ($181) following the acquisition news.

Meanwhile, Upbit continues to dominate South Korea’s crypto landscape, boasting more than $2.9 billion in daily spot trading volume and ranking fourth globally behind Binance. With over 16 million South Koreans already using crypto exchanges and that number projected to reach 20 million this year, the market is heating up. Analysts expect the industry to hit $1.1 billion in revenue by 2025 and grow to $1.3 billion the following year, putting Naver in prime position to capitalize on the boom.