Naver Financial, the largest search engine fintech division in Korea, is weighing potential stock swap deals with Upbit operator Dunamu.
Reports from local outlets today suggested that consultations have already entered the territory of mergers, but Naver’s regulations submission revealed that binding conditions have not been confirmed.
The disclosure submitted to Financial Supervision Services acknowledged that Naver and Dunamu are seeking multiple forms of cooperation. These include potential stock exchanges, winning Stablecoin projects, and private stock trading services.
However, Naver’s CFO Hee Cheol Kim stressed that specific details will be released within a month or a formal agreement will be reached.
Potential benefits of Korean crypto ecosystems
A Tiger Research report suggests that the agreement between Naver and Dunamu will restructure South Korea’s crypto economy.
It pointed out:
“This transaction is similar to the scenario where Google gets Coinbase, the main crypto exchange.”
The report says potential acquisitions go beyond corporate restructuring, pointing to fundamental changes in the way digital assets are incorporated into mainstream finance and technology instead.
If Naver integrates Upbit’s blockchain infrastructure, the partnership can quickly track digital payment adoption nationwide.
Naver Pay already serves more than 30 million users, processing trillions of won in annual shopping transactions. The system’s winning Stablecoin reduces card processing costs, streamlines settlements, and attracts millions of crypto investors directly to Naver’s payments ecosystem.
For Dunamu, the deal offers both size and utility. The company recently unveiled Giwa Chain, an optimism-based layer 2 network designed to expand its role from exchange operators to blockchain infrastructure providers.
Linking with Naver opens up new revenue streams from Stablecoin royalties and transaction fees, while mitigating user onboarding.
Additionally, that cryptographic sign-up involves a time-consuming identity verification process. By embedding Naver’s mobile ID service, Upbit can simplify the KYC process for Naver’s 40 million users each month, lower barriers and drive growth.
It pointed out:
“These changes will directly affect Upbit’s user expansion. Upbit currently has 10 million cumulative registered users. Naver’s 40 million user base simplifies the registration process, making it easier for potential users to join.
Potential benefits range from culture and capital markets.
Naver Webtoon, which recorded revenue of $1.35 billion in 2024 and maintains a partnership between Disney and Marvel, has been able to use blockchain to tokenize intellectual property, increase creator transparency and launch a community-driven token economy.
In parallel, ownership of Naver’s Poshmark and its privately-listed stock trading platform opens the path of the Stablecoin-based escrow system, tokenized stock markets, and blockchain verification advertising settlements.