Naver Financial, the fintech division of South Korean technology conglomerate Naver, is reportedly planning to acquire Dunamu, the operator of the Upbit crypto exchange. The acquisition is intended to facilitate the launch of a stablecoin project and support the company’s overseas expansion efforts.

According to reports from South Korean news agencies Yonhap News and Chosun citing industry sources, Naver will acquire Dunamu through a share-exchange deal, which would make Dunamu a subsidiary of Naver Financial. Board meetings to approve the proposed stock swap are expected to be held soon. When approached for a statement on the matter, neither Naver nor Dunamu provided an immediate response. Naver, often referred to as the “Google of South Korea,” is the nation’s leading search engine and also operates an email hosting service, blogs, maps, and a mobile payment processor through its various subsidiaries.

Following the completion of the acquisition, Naver Financial reportedly plans to launch a stablecoin backed by the Korean won. This initiative is part of a larger strategy that includes other digital finance projects designed to actively explore and support overseas expansion. An industry source cited by Chosun stated that the “collaboration will serve as a stepping stone” for Naver “to become a global fintech company.” This move aligns with broader trends in the country’s financial sector, as eight major South Korean banks announced plans in June to introduce their own stablecoins pegged to the won. The launch for these bank-issued stablecoins is scheduled for late 2025 or early 2026.

The development of stablecoins has received backing from financial authorities. Bank of Korea deputy governor Ryoo Sangdai has expressed support for banks serving as the primary issuers of stablecoins in the country, with a gradual expansion to other sectors later. The crypto industry in South Korea has operated within a more favorable regulatory environment since the election of President Lee Jae-myung in June 2024. The new administration has advanced various crypto-related laws, which include a bill aimed at the legalization of stablecoins.

This is not Naver’s first entry into the digital asset space. In August 2024, the company launched a crypto wallet, Naver Pay Wallet, through a partnership with the sports-focused blockchain platform Chiliz. News of the potential Dunamu acquisition prompted a positive reaction from the market, with Naver’s stock (KRW) increasing by more than 11.4% to trade at 254,000 Korean won, equivalent to approximately $181. For the second quarter, the conglomerate reported revenue exceeding $2 billion and a net profit of more than $355 million. For comparison, industry leader Google reported revenue of $96 billion during the same timeframe.

Dunamu is a privately held company, but its exchange, Upbit Korea, is identified by CoinMarketCap as the largest crypto exchange in South Korea based on both trading volume and customer base. Globally, Upbit ranks as the fourth-largest exchange, with a 24-hour spot trading volume of $2.9 billion. The world’s largest exchange, Binance, recorded a volume of $23.8 billion in the same period. The user base for cryptocurrency exchanges in South Korea has seen substantial growth, surpassing 16 million users in February 2025. This growth received a boost following the U.S. presidential election in November. Projections suggest the number of users could reach 20 million by the end of the year, representing a significant portion of the country’s 51 million people. According to data from the online platform Statista, the cryptocurrency market in South Korea is projected to generate $1.1 billion in revenue in 2025, with growth expected to continue, reaching $1.3 billion by 2026.

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