Naver to Acquire Upbit Operator Dunamu in Major Share-Swap Deal

South Korea’s internet giant Naver is moving into the heart of the cryptocurrency industry with a major deal to acquire Dunamu, the operator of the country’s largest digital asset exchange, Upbit. The transaction will be completed through a share-swap agreement, signaling one of the most significant mergers ever seen between a traditional technology company and a crypto-focused firm in the region.

Under the agreement, Naver’s financial services unit will absorb Dunamu as a wholly owned subsidiary by exchanging newly issued shares instead of using cash. This approach allows both companies to combine ownership and operational strength while maintaining financial stability. Industry sources indicate the share exchange ratio gives Dunamu shareholders a meaningful stake in Naver’s expanding fintech business.

This acquisition marks Naver’s strongest entry yet into the fast-growing digital finance space. Until now, the company’s financial services have focused mainly on payments, commerce, and digital wallets. By bringing Dunamu into its ecosystem, Naver gains immediate access to a well-established cryptocurrency trading platform with millions of active users and a dominant market position.

The combined group is expected to emerge as a major fintech force in South Korea, with estimates placing the total enterprise value in the multi-trillion-won range. As crypto adoption increases globally, Naver is positioning itself to lead the intersection of technology, payments, and digital assets in one of Asia’s most advanced internet markets.

One major focus following the acquisition will be service integration. Experts predict seamless links between everyday online services and cryptocurrency trading tools. This could mean users gaining direct access to digital asset investments through familiar apps used for shopping, communication, and payments. If successfully executed, the integration may make cryptocurrency more approachable for the general public rather than only experienced traders.

There is also growing speculation that the company may explore issuing a won-backed digital currency in the future. Such a move could play a role in everyday payments, online commerce, and cross-platform transfers within the Naver ecosystem. If approved by regulators, this would mark a milestone in linking virtual assets with traditional financial systems.

However, the deal is not without challenges. Regulatory approval remains a critical hurdle. Authorities are expected to closely examine issues related to fair competition, financial risks, and the separation between technology businesses and financial operations. Any future digital currency initiative is also likely to face strict oversight.

Market analysts believe this acquisition could trigger further consolidation within the Korean crypto industry, as smaller exchanges may struggle to keep pace with a technology-backed giant. Internationally, the merger may also boost South Korea’s standing as a global fintech and blockchain innovation hub.

As the transaction moves forward, many eyes will remain on how quickly Naver can integrate services, address regulatory concerns, and capitalize on its new position in the crypto economy.

FAQs

Q1: What does Naver’s acquisition of Dunamu mean for Upbit users?

Upbit users are expected to benefit from improved services, stronger security, and closer integration with digital payment platforms operated by Naver.

Q2: How will the share-swap deal work in the Naver–Dunamu acquisition?

Instead of cash, Naver will issue new shares to Dunamu’s shareholders, effectively merging ownership and operations under a single corporate structure.

Q3: Is this the biggest crypto acquisition in South Korea?

Yes, this is considered one of the largest and most strategic deals in South Korea’s cryptocurrency industry to date.

Q4: Will Naver launch its own stablecoin after acquiring Dunamu?

While not officially confirmed, analysts believe launching a won-backed digital currency is a possible long-term strategy.

Q5: How will this deal affect competition among Korean crypto exchanges?

The combined company’s scale and resources may pressure smaller exchanges, encouraging mergers or innovation to remain competitive.

Q6: When will the acquisition be completed?

The transaction will be finalized after regulatory approvals and shareholder agreements are completed.