South Korea’s Naver Financial ‘Discussing’ Upbit Stock Swap, Eyeing Stablecoin Market

South Korean internet giant Naver Corporation will discuss with Crypto Exchange Upbit operator Dunamu about a share swap that could lead to the largest exchange in the country under the NAVER group.

Naver’s shares rose 11.4% on Thursday, per Google Finance data, according to local outlets Chosun The company reported that it agreed to a comprehensive share exchange.

The report describes the transaction in which Dunamu becomes a subsidiary of Naver Financial, the group’s Fintech Arm, giving direct control of tech giant Upbit, and positioned it for a deeper move into the crypto market.

Naver submitted disclosure to the Korean exchange on reports that it agreed to a share swap with Upbit operator Dunamu. In the filing, Naver said “we will discuss the possibility of stock exchanges and “various forms of cooperation with Dunamu, including projects that involve stubcoin and private stock transactions.”

No additional details or methods have been finalized, but Naver has committed to reissue within a month. In a shared statement DecryptionA Dunamu spokesperson said, “Beyond the debate over Stablecoins and private stock trading platforms, Dunamu and Naver Pay are investigating various additional collaborations,” adding that “no further details or specific agreements have been finalized at this time.”

Naver and Dunamu

The talk was built on the partnership announced in July when Naver Pay and Dunamu revealed KRW’s plans Stablecoin.

The project positioned Naver in a supportive role as the main issuer of Dunamu, marking one of the first attempts to create a massive victory token before the new law. Earlier this month, Dunamu announced that it was working on a custom Ethereum Layer-2 blockchain called “Giwa.”

South Korean lawmakers are expected to demonstrate the Stubcoin bill in October that clarifies issuer requirements, reservation rules and audit standards. Stablecoin’s major players met as early as August with the top executives of the country’s financial group.

Once the transaction is completed, Naver will become the first major Korean platform to fully integrate the exchange into the financial ecosystem. The company already controls search, messaging and payments in Korea, and adding Upbit could accelerate the financial industry, adoption of Stablecoin, and cross-selling of new trading products.