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South Korea’s tech giant Naver is stepping deeper into the crypto world. Reports indicate that Naver Financial, the fintech arm of the conglomerate, is planning to acquire Dunamu, the operator of Upbit, the country’s largest cryptocurrency exchange. The acquisition would occur through a share exchange, with board meetings set to approve the move soon, according to Yonhap News and Chosun, citing industry sources.
Upbit: South Korea’s Crypto Powerhouse
Upbit Korea dominates the local crypto landscape in terms of trading volume and customer base, ranking as the fourth largest globally with $2.9 billion in 24-hour spot trading volume, per CoinMarketCap. While Dunamu is not publicly listed, the exchange’s influence is significant, especially as the number of crypto users in South Korea surpassed 16 million in February 2025 and is projected to approach 20 million by year-end.
Following the acquisition, Naver Financial is expected to launch a Korean won-backed stablecoin and expand into other digital finance initiatives, aiming for overseas growth. Industry sources told Chosun that the collaboration could serve as a “stepping stone” for Naver to establish itself as a global fintech player. This move aligns with the recent trend of South Korean banks planning stablecoins pegged to the won in late 2025 or early 2026, supported by regulators like Bank of Korea deputy governor Ryoo Sangdai.
Market Reaction and Crypto Momentum
Naver’s stock surged over 11.4% to 254,000 KRW ($181) following the reports, reflecting investor enthusiasm. The company is no stranger to crypto ventures, having launched Naver Pay Wallet in partnership with Chiliz in August 2024. Meanwhile, the overall South Korean crypto market is projected to generate $1.1 billion in revenue in 2025, with growth expected to reach $1.3 billion by 2026, highlighting the sector’s expanding footprint.
This acquisition positions Naver Financial at the forefront of South Korea’s booming crypto ecosystem, signaling a potential global expansion into digital finance while reinforcing Upbit’s status as a key market player.
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