Naver Financial, the fintech division of South Korean technology conglomerate Naver, is reportedly moving forward with plans to acquire Dunamu, which operates Upbit, the country’s largest crypto exchange, amid planning the Stablecoin project and expanding into the digital finance sector.
Naver acquired Dunamu by making Dunamu a subsidiary via a share exchange, and a board of directors approving the share exchange will soon occur, Korean news agencies Yonhap News and Chosun reported on Thursday, citing industry sources.
Naver and Dunamu did not respond immediately to requests for comment.
Naver is often referred to as “Korean Google” and is the country’s top search engine. The company also has email hosting services, blogs, maps and mobile payment processors through its subsidiaries.
According to CoinmarketCap, Upbit Korea is the largest crypto exchange in Korea in terms of transaction volume and customer base.
Naver Eyes Stablecoin Project
Following the acquisition, Naver Financial reportedly will launch South Korea’s winning Stablecoin project and other digital finance initiatives as part of its bid to actively explore overseas expansion.
Chosun, citing industry sources, reported that “collaboration will serve as a stepping stone” to “become a global fintech company.”
While eight South Korean banks have already announced plans to launch a stable plan that will be locked into the country’s winners currency in the second half of 2025 or early 2026, Bank of Korea Lieutenant Governor Ryoo Sangdai has expressed his support for the bank, the country’s leading issuer, before gradually expanding into other sectors.
South Korea’s crypto industry has benefited from a more friendly environment after President Lee Jae-myeon was elected in June. He has since advanced a variety of crypto-related laws, including bills that would legalize stubcoins.
Naver stocks are spiked high in reports
This is not the first foray into the crypto space of internet giants. In August 2024, we launched Crypto Wallet and Naver Pay Wallet in collaboration with sports-focused blockchain Chilis.
Naver’s Stock (KRW) also responded aggressively to the latest Crypto venture report, trading at over 11.4% with a 254,00 South Korean victory ($181).
In the second quarter, the conglomerate reported revenues of over $2 billion and net profits of over $355 million compared to revenues of industry leaders of $96 billion over the same time frame.
Crypto-exchange users are rising in Korea
Dunamu is not publicly available, but Coinmarketcap’s data is $2.9 billion in spot trading volume per 24 hours, while Coinmarketcap’s data is the largest in Korea, the world’s largest and fourth largest in the world. Meanwhile, the largest Binance has a volume of $23.8 billion.
Related: South Korea will limit crypto loan interest rates to 20% and take advantage of prohibited loans
South Korean Crypto Exchange users have estimated that they have surpassed 16 million in February and hit 20 million by the end of the year, following a boost from US President Donald Trump’s election victory last November.
Meanwhile, the Korean cryptocurrency market is projected to reach $1.1 billion in 2025, according to online data platform Statista.
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