Naver has drawn attention in the market following reports that it has begun work to acquire Dunamu, the operator of Upbit, the nation’s largest cryptocurrency exchange, as a subsidiary. The acquisition is reportedly being discussed through a comprehensive stock swap in which Naver Financial would issue new shares to be exchanged with the stakes held by Dunamu’s shareholders, and the procedure is expected to proceed after board approval.
Following the news, Naver’s share price surged more than 7% during intraday trading, reflecting investor expectations. If Naver’s payment and shopping platform is combined with Upbit’s trading infrastructure, observers say a vast ecosystem encompassing finance and digital assets could be established. In particular, the plan to issue a Korean won-based stablecoin is cited as a key driver of the acquisition, with the potential to create new business opportunities in payments, remittances, and foreign exchange.
However, Dunamu stated that “nothing has been concretely decided regarding stock swaps or incorporation,” showing a cautious stance. Analysts note that the actual outcome will depend on approval from financial authorities for changes in major shareholders, as well as the regulatory framework for stablecoins. Although discussions on stablecoin legislation are underway domestically, clear rules governing issuance and distribution have not yet been fully established.
The market sees the potential deal as one that could significantly reshape the landscape of Korea’s digital asset industry. If Upbit’s dominance merges with Naver’s ecosystem, rivals are expected to come under increased pressure, while Korean firms could strengthen their presence in overseas markets. At the same time, regulatory risks and uncertainty over business synergies remain key variables.
The ongoing talks highlight the possibility of a structural shift in Korea’s financial and digital industries, as they represent a rare combination of a major platform company and a crypto exchange. If completed successfully, the deal could provide a new growth engine, but observers stress that securing regulatory and institutional consistency is a prerequisite. For now, the market is expected to maintain a cautious stance as it awaits further developments.
