Naver Financial plans to acquire Dunamu, the operator of Upbit, through a share exchange, according to Yonhap and Chosun.
The reports say board meetings to approve the stock swap will happen soon. The sources are unnamed industry contacts from South Korea.
Naver and Dunamu did not comment on the reports at the time of publication. No public filings disclosed terms, pricing, or a timetable.
However, Yonhap and Chosun framed the move as a direct expansion by Naver Financial into digital assets through Upbit.
Naver runs the top search engine in South Korea and operates email, blogs, maps, and payments. The group’s fintech arm, Naver Financial, leads its financial products.
The potential addition of Dunamu would place Upbit under the corporate umbrella.
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Naver eyes Korean won stablecoin after Upbit acquisition
After the Dunamu deal, Naver Financial plans a Korean won stablecoin and other digital finance tools, the reports said.
The stablecoin project would be backed by the won. The stories did not outline launch dates or pilot milestones.
Chosun cited an industry source who called the collaboration a “stepping stone” for Naver to grow in global fintech.
The Bank of Korea has focused on risk controls for settlement and issuance. Deputy governor Ryoo Sangdai supports banks as initial stablecoin issuers before a wider rollout to other sectors.
Eight major South Korean banks announced a won-pegged stablecoin plan in June. The target window is late 2025 or early 2026.
The banking plan can run in parallel with private platforms if permitted. Naver Financial will still need to align with local oversight.
Upbit leads South Korea by volume; Naver stock rises 11.4% to 254,000 KRW
Upbit is the largest crypto exchange in South Korea by trading volume and customers, per CoinMarketCap. Globally, Upbit ranks among leading spot venues.
A recent 24-hour snapshot showed about $2.9 billion in Upbit spot volume, while Binance showed about $23.8 billion.
On the equity side, Naver stock rose 11.4% to 254,000 KRW (about $181), according to Google Finance.
The move followed the Yonhap and Chosun reports about Naver Financial and Dunamu. The company has not issued guidance tied to the Upbit reports.
In the second quarter, Naver posted revenue above $2 billion and net profit above $355 million. Those figures show cash generation for the group. They also set context for a share exchange and future stablecoin project costs.
Policy backdrop shifts as South Korea eyes stablecoin law; users pass 16 million
Reports note a friendlier environment for crypto since June under President Lee Jae-myung.
The administration advanced crypto-related legislation, including a bill to legalize stablecoins. Final texts and operational rules are still in process under the Bank of Korea and other agencies.
Ryoo Sangdai of the Bank of Korea favors banks as early stablecoin issuers. That approach supports issuance controls and supervised reserves. Other sectors could join once frameworks mature and audits standardize.
South Korea counted over 16 million crypto exchange users in February. Some observers expect up to 20 million by year-end, out of 51 million people.
Statista projects $1.1 billion in market revenue for 2025, rising to $1.3 billion in 2026.
Naver Pay Wallet and Chiliz show earlier crypto steps by Naver
This is not Naver’s first digital-asset move. In August 2024, Naver launched Naver Pay Wallet with Chiliz, a sports-focused blockchain.
The wallet supports digital asset interactions inside Naver’s payment ecosystem. That history connects to the Naver Financial plan around Upbit.
The Naver Pay Wallet partnership shows previous execution in crypto infrastructure. It also shows vendor alignment with Chiliz.
Those steps provide operational background for a stablecoin project backed by the Korean won.
Naver, Naver Financial, Dunamu, and Upbit did not add new public comments in the Yonhap and Chosun coverage window.
The reports place the share exchange as the next decision point. Further updates depend on board actions and regulatory review.
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.
Tatevik Avetisyan is an editor at Kriptoworld who covers emerging crypto trends, blockchain innovation, and altcoin developments. She is passionate about breaking down complex stories for a global audience and making digital finance more accessible.
📅 Published: September 25, 2025 • 🕓 Last updated: September 25, 2025
