Naver Financial, the finance branch of South Korea’s big tech company Naver, is planning to buy Dunamu, the company that runs the country’s largest cryptocurrency exchange, Upbit.
The deal will make Dunamu a subsidiary through a share exchange. Board meetings to approve the plan are expected soon, but Naver and Dunamu have not made any public comments yet
After the acquisition, Naver Financial will start a stablecoin project that uses the Korean won, according to the press release. The company will also begin other digital finance projects.
An industry source told Chosun that the “collaboration will serve as a stepping stone” for Naver “to become a global fintech company.” The plan shows that Naver wants to grow in digital finance and reach customers outside South Korea.
Naver is widely known as the “Google of South Korea.” It runs the country’s top search engine and also offers email, blogs, maps, and mobile payments.
Moreover, it has previously ventured into the crypto market, after launching the Naver Pay Wallet in August 2024 in partnership with the blockchain platform Chiliz.
Upbit and South Korea’s Crypto Market
Upbit is South Korea’s biggest crypto exchange. It has the most users and trades the largest amount of cryptocurrency in the country, according to CoinMarketCap.
The exchange handles about $2.9 billion in trading in 24 hours. Around the world, it is the fourth largest exchange, after Binance, which handles $23.8 billion.
Meanwhile, the crypto market in South Korea is growing quickly. There were more than 16 million users in February, and the number may reach 20 million by the end of the year. This growth has been helped by President Lee Jae-myung, who took office in June and supported laws to make stablecoins legal.
Eight big South Korean banks plan to launch their own stablecoins by late 2025 or early 2026. Bank of Korea deputy governor Ryoo Sangdai said banks should be the first to issue stablecoins, and later, other companies can join.
The cryptocurrency market in South Korea is expected to make $1.1 billion in 2025 and $1.3 billion in 2026, according to Statista.
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