Upbit exchange is about to fall into the hands of new owner Naver? Photo: Bloomberg
The attention-grabbing acquisition
- Naver , a major web portal in South Korea, is said to be acquiring Upbit - the country's largest cryptocurrency exchange through its parent company Dunamu.
Naver Financial, the fintech arm of South Korea's largest portal Naver, has agreed to a share-swap deal with Dunamu, operator of Upbit. The move effectively gives Naver control of Korea's No.1 crypto exchange and marks its entry into the digital finance and won-pegged stablecoin…
— Wu Blockchain (@WuBlockchain) September 25, 2025
- If successful, this is not only a deal to acquire a crypto exchange, but could also pave the way for the first financial - blockchain "super app" in the land of kimchi, combining the power of Naver Pay, Upbit and the Peg -pegged stablecoin KRW1 that has just launched on Avalanche.
- With a dominant position in one of Asia's most dynamic crypto markets, Upbit has long been a pillar of the digital asset ecosystem in South Korea.
Naver moves into crypto
- The giant, dubbed the "Google of Korea", is famous for its internet services, including the Naver Pay payment system. The acquisition of Upbit will take Naver deeper into the digital finance sector, while expanding into blockchain and crypto - key Shard in the digital asset era.
- According to reports, the deal is expected to be implemented in the form of a stock swap . Specifically, Naver Financial will issue new shares in exchange for existing shares of Dunamu, turning Dunamu into a 100% subsidiary of Naver Financial.
- This means that Dunamu shareholders (including Chairman Song Chi-hyung and many large funds such as Kakao Investment, Hanwha Investment & Securities) will also become shareholders of Naver Financial.
- Immediately after the news leaked, Naver's stock price increased by more than 11.6% and is trading around 255,000 won (~181 USD).
Naver stock price movements in the most recent day, image captured by Google Finance at 12:45 PM on September 25, 2025
- South Korea has long been XEM the most vibrant crypto market in Asia, but at the same time is also among the countries with strict management regulations . The most recent move is to tighten crypto lending services , ban leverage and cap interest rates at 20%. In addition, the South Korean National Assembly is also promoting a comprehensive legal framework for digital assets, in which stablecoins Peg to the won are a focus.
Expert opinion
- Experts say this deal is not just a simple M&A but also opens up the prospect of forming a super app:
Naver Pay connects directly with Upbit, creating a seamless link between payments, trading, and digital asset storage.
Won- Peg stablecoins can be widely deployed thanks to Naver's user network and Dunamu's blockchain infrastructure.
Dunamu is also developing GIWA Chain - a layer-2 blockchain based on Optimistic Rollup, and GIWA Wallet with integrated KYC/AML.
- Up to now, neither Naver nor Dunamu has made any official confirmation. Naver said it is XEM many cooperation directions, while Dunamu confirmed that there have been discussions but no agreement has been reached.
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