What happens when South Korea's largest portal acquires South Korea's largest exchange?

Source: Tiger Research; Compiled by Golden Finance. Key Points: Rumors have surfaced about Naver acquiring Dunamu, the operator of Upbit, sparking industry attention. This would be a major deal on par with Google's acquisition of Coinbase. Synergies are expected to focus on three key areas: Naver's 40 million users could streamline the Upbit registration process. Stablecoins could improve payment efficiency for Naver Commerce. Naver's Webtoon IP could create new blockchain revenue models. Both companies have denied the reports but are collaborating on stablecoins and other areas. They consider cryptocurrency a core strategy, and integration is likely. 1. The South Korean crypto market is poised for significant change. On September 25, 2025, rumors circulated that Dunamu, which operates Upbit, South Korea's largest cryptocurrency exchange, might join the Naver Group. Dunamu will become a wholly-owned subsidiary of Naver Financial, Naver's financial subsidiary. This will form a vertically integrated group structure. The two companies previously announced plans to collaborate in various areas, including stablecoins. However, the news of Naver's acquisition of Dunamu, valued at 12 trillion won, shocked the industry. The deal is similar to Google's acquisition of the cryptocurrency exchange Coinbase. Both companies officially denied the reports, stating that "nothing has been finalized." However, the potential merger of these two giants warrants analysis. We should examine the potential changes and ripple effects such a situation could bring. This article will explore which business areas could generate synergies if the Naver-Dunamu merger is successful. 2. What synergies could Naver and Dunamu generate? To understand the synergies between Naver and Dunamu, we first need to understand Naver's corporate characteristics. Naver is a leading large-scale technology company in South Korea. It began as a search engine and now operates across various industries. The company has built its own ecosystem covering e-commerce (Naver Shopping), convenient payment (Naver Pay), and content platform (Naver Webtoon).

Source: Naver 2024 Comprehensive Report

If Dunamu were merely a cryptocurrency exchange, the collaboration between the two companies would be limited. However, Dunamu recently announced the launch of GIWA Chain, a Layer 2 blockchain based on Optimism. This demonstrates Dunamu's transformation from a simple exchange to a blockchain infrastructure company. Blockchain infrastructure can naturally integrate with a wide range of industries.

Naver's broad business scope and Dunamu's infrastructure capabilities align perfectly here. This alignment is why the two companies' powerful partnership has attracted much attention.

Scenario 1: User Base Expansion

The most obvious synergy between the two companies is the expansion of their user base. Naver has approximately 40 million monthly active users (MAUs). The company provides digital authentication infrastructure within its apps, including simple login services and mobile identity services (such as ID cards and driver's licenses).

The next area worth watching is stablecoins. Naver has officially announced its entry into the stablecoin market. The company may issue a stablecoin based on the GIWA Chain. The key lies in Naver's vast payment ecosystem. Naver Pay has 30.68 million users (as of 2025). Naver Shopping's annual transaction volume is approximately 50.3 trillion won (as of 2024).

Introducing stablecoins into this large-scale payment ecosystem could create significant synergies between the two companies. Naver could reduce existing credit card fees and improve profitability. Furthermore, the company could significantly improve the efficiency of its settlement process. Furthermore, it anticipates an influx of 10 million cryptocurrency investors into Naver Pay.

Dunamu could also benefit from lucrative revenue opportunities. The company could capture blockchain fees generated on the GIWA Chain and also earn transaction fees from stablecoin payment services. Stablecoins and cryptocurrencies have yet to become mainstream payment methods. Merchants need to transfer funds in and out when accepting stablecoins and converting them into cash. Exchange infrastructure is crucial for this process. Upbit is likely to play this role (the Financial Services Commission will allow the sale of cryptocurrencies on licensed exchanges starting in 2025).

Naver Pay Connect, source: Naver When Naver Pay and Upbit integrate, they will gain a distinct competitive advantage. Considering Naver's recently launched offline payment terminal, "Naver Pay Connect," they can build an integrated ecosystem. This ecosystem will seamlessly connect all online and offline payments through stablecoins. This will provide a distinct competitive advantage over the existing payment ecosystem.

Scenario 3: Content IP innovation

Finally, it's worth noting the potential integration of Naver's content ecosystem with blockchain. Naver Webtoon is responsible for numerous popular webtoons, including "Tower of God," "Sweet Home," and "Vigilance." These works have been adapted into TV series and films and have gained a global following. Naver Webtoon's revenue is projected to reach approximately $1.35 billion in 2024 and continues to grow.

Source: Naver 2024 Comprehensive Report

Naver Webtoon essentially allows creators to own their IP, but the platform holds usage rights or exclusive rights based on contractual terms. If Dunamu's GIWA Chain is integrated with this architecture, it could increase transparency in IP usage and innovate secondary creation and revenue distribution models. Furthermore, new models would become possible, such as token economies based on fan communities and on-chain IP assets.

Source: Naver Naver Webtoon has recently expanded its collaborations with global IP companies like Disney and Marvel. Disney provides the IP, while Naver Webtoon is responsible for platform development and operation. The new platform will bring together Disney's extensive collection of comic IP. This means Naver Webtoon not only has the foundation to handle its own IP, but also global super IP. Consequently, integrating blockchain is expected to significantly enhance monetization in the content industry. 3. Blockchain Expands Naver's Business Scope Naver's platform ecosystem extends far beyond what we have discussed here. Blockchain technology can be integrated into Naver's existing value chain in various ways, adding new features and value, and even expanding into completely different areas. For example, Poshmark, North America's largest secondhand trading platform, which Naver acquired in 2023, can leverage the programmable payment capabilities of stablecoins to implement an escrow system. Naver's search advertising business can enhance transparency through blockchain-based settlement. Live streaming service Chzzk can explore a model that converts viewer engagement into token rewards.

Source: Securities Plus Unlisted

Of particular note, Naver Pay acquired Securities Plus Unlisted, an unlisted stock trading platform. Combined with Dunamu's GIWA Chain, this will create a realistic scenario for significantly improving liquidity and accessibility through the tokenization of unlisted stocks.

While Naver and Dunamu have drawn a line in the sand regarding the integration of their subsidiaries, they have already collaborated in various areas. Importantly, both companies now view the cryptocurrency industry as a core strategic pillar and have begun fully engaging with it. The industry is closely watching how the merger of the two companies will unfold and what new blockchain services will emerge in the process.