Korean Tech Giant Naver Plans to Acquire Upbit: South Korea’s Biggest Crypto Shake-Up Yet

South Korea’s digital finance sector may be on the verge of a major shake-up. According to multiple local reports, Naver Financial, the fintech subsidiary of tech conglomerate Naver, is moving forward with plans to acquire Dunamu, the operator of Upbit, South Korea’s largest cryptocurrency exchange.

The deal, structured as a stock swap, would make Dunamu a wholly owned subsidiary of Naver Financial.

Details of the proposed acquisition

Yonhap News and Chosun reported on Thursday that board meetings for both companies are expected to take place soon to approve the share exchange. The transaction would bring Upbit, the country’s most active crypto exchange and the fourth-largest globally by trading volume, under Naver’s control.

An industry source quoted by Chosun noted, “The two companies are each expected to soon hold board meetings to approve the comprehensive stock swap.”

While financial details of the deal have not been disclosed, the integration would give Naver direct entry into South Korea’s crypto and digital asset markets.

Following the acquisition, Naver Financial reportedly plans to launch a Korean won-backed stablecoin as part of a broader strategy to expand its digital finance offerings.

Stablecoins and South Korea’s shifting crypto market

The move comes at a time when stablecoins are becoming a focal point in South Korea’s financial innovation agenda. Earlier this year, eight of the country’s largest banks announced plans to issue a won-backed stablecoin between late 2025 and early 2026.

The Bank of Korea has also expressed support for banks leading the issuance of such tokens before gradually opening the market to other players.

Meanwhile, the broader policy environment has grown more favorable following the June election of President Lee Jae-myung, whose administration has advanced legislation to legalize stablecoins and expand crypto regulation. Upbit’s role in this environment has been central, commanding the largest share of crypto trading volume in the country.

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