Naver Acquires Upbit to Strengthen Crypto Strategy, Build Super App, and Push Local Stablecoin Adoption – Could This Elevate South Korea in the Global Crypto Market?

Naver Set To Fully Acquire Upbit Through Strategic Stock Swap

South Korea’s tech giant Naver is moving to take full control of Upbit, the nation’s largest cryptocurrency exchange, through a comprehensive stock swap with Upbit’s parent company, Dunamu.

The deal, structured to make Dunamu a wholly owned subsidiary under Naver Financial, signals a major shift in the country’s digital finance landscape.

How Naver Financial Plans To Absorb Dunamu Without Cash

Unlike a conventional acquisition, Naver Financial will issue new shares to exchange with stakes currently held by Dunamu shareholders.

Both companies remain legally separate, with the transaction designed to unify operations under Naver’s fintech arm without an immediate capital outlay.

Sources indicate task forces have been set up on both sides to finalise swap ratios and board approvals are expected soon.

Major shareholders in Dunamu include co-founder Song Chi-hyung with 25.5%, Vice Chairman Kim Hyoung-nyon at 13.1%, Kakao Investment at 10.6%, Woori Technology Investment at 7.2%, and Hanwha Investment & Securities at 5.9%.

Naver shares jumped 11.4% to 254,000 won on Thursday following the reports, while Dunamu’s over-the-counter shares fell by a similar margin.

What This Means For Naver’s Digital Finance Ambitions

The acquisition positions Naver to expand deeper into digital finance, payments, and crypto services.

Naver Financial currently handles over 80 trillion won in annual transactions, and integrating Upbit’s infrastructure could allow the company to offer a seamless ecosystem linking shopping, payments, and cryptocurrency trading.

Industry observers note this strengthens Naver’s position against rivals such as Kakao in Korea’s competitive fintech market.

Upbit’s Role In Stablecoins And International Expansion

Upbit, ranked fourth globally by trading volume, provides a ready-made crypto infrastructure with millions of users.

Source: CoinMarketCap

The companies have been collaborating on a won-pegged stablecoin project, which could accelerate its launch under Naver’s ownership.

Mirae Asset Securities recently estimated that a joint stablecoin initiative could generate up to 300 billion won in annual revenue by 2030.

Beyond domestic expansion, Naver could leverage Upbit’s platform to explore international markets.

Could This Move Redefine South Korea’s Tech And Crypto Landscape?

By bringing Dunamu under its wing, Naver may create a super app that combines e-commerce, payments, and crypto in a single platform.

The integration could allow users to transition effortlessly from shopping to digital asset management.

Analysts suggest this could inspire other major tech players to consider similar moves, potentially reshaping the country’s fintech ecosystem.

Can Naver Transform Into a True Crypto-Finance Powerhouse?

While Naver’s planned acquisition of Upbit demonstrates a bold move into digital finance, significant hurdles remain.

Coinlive notes that integrating a full crypto-finance ecosystem involves challenges such as stabilising a won-pegged stablecoin, navigating evolving regulations, and contending with both domestic and international competitors.

Despite these obstacles, Naver’s extensive consumer base combined with Upbit’s established trading infrastructure provides a rare advantage.

The key challenge will be turning this strategy into sustainable growth while establishing Naver as a global leader in fintech and crypto.