Naver's Upbit Stock Swap Aims to Build Fintech "Super App"

South Korea’s Naver Corp. is set to acquire Dunamu Inc., the parent company of the nation’s largest cryptocurrency exchange Upbit, through a stock swap deal that would integrate the crypto platform under its fintech arm, Naver Financial. The move, reported by multiple local outlets and regulatory filings, positions Naver to expand its dominance in digital finance while aligning with South Korea’s evolving crypto regulatory landscape. Shares of Naver surged over 11% following the announcement, reflecting investor enthusiasm for the tech giant’s foray into blockchain infrastructure. The transaction, expected to be finalized through board approvals in the coming weeks, would make Dunamu a wholly owned subsidiary of Naver Financial, combining Upbit’s $2.9 billion daily trading volume with Naver’s ecosystem of payments, e-commerce, and digital servicesSouth Korean Crypto Exchange Upbit To Be Acquired by Naver^[1]Tech Giant Naver Set To Acquire Upbit, Korea’s Largest Exchange^[2].

The stock swap structure avoids immediate cash outlays, instead exchanging Naver Financial shares for Dunamu’s equity. Both companies have established task forces to negotiate valuation ratios for unlisted shares, with formal board approvals anticipated soon. This strategic alignment aims to create a “super app” integrating crypto trading, payments, and e-commerce under Naver’s umbrella, leveraging Upbit’s market leadership and Naver Pay’s 33 million users. Analysts note the deal could solidify Naver’s position against rivals like Kakao and traditional banks, particularly as the South Korean government finalizes regulations for won-pegged stablecoinsTech Giant Naver Set To Acquire Upbit, Korea’s Largest Exchange^[2].

Upbit, which ranks as the fourth-largest global crypto exchange by volume, has been a key player in South Korea’s crypto-friendly environment. Its acquisition by Naver, often dubbed the “Google of South Korea,” marks a pivotal moment in the country’s digital finance sector. The combined entity could process annual payment volumes exceeding 80 trillion won ($58 billion), bolstered by Naver Pay’s existing infrastructure. Industry insiders describe the collaboration as a “stepping stone to becoming a global fintech company,” with plans to formalize a won-pegged stablecoin project and explore international expansionSouth Korea’s Naver to Acquire Upbit Exchange, Eyes Stablecoin Push^[3]Naver Financial acquires Upbit via stock swap in expansion move^[4].

The timing of the deal coincides with South Korea’s push for clearer crypto regulations, including legislation to legalize stablecoins. The government’s Democratic Party has established a digital asset task force, aiming to finalize the framework by year-end. Naver’s acquisition is seen as a strategic move to navigate this regulatory shift, potentially influencing compliance standards for smaller exchanges. The integration of Upbit’s infrastructure with Naver’s services could also enhance consumer access to crypto, blending traditional banking with digital assets.

For the broader market, the acquisition signals a consolidation of South Korea’s fintech and crypto sectors. With Upbit’s dominance and Naver’s consumer reach, the combined entity could reshape competition, offering a seamless platform for trading, payments, and stablecoin adoption. While no binding agreement has been reached, the reported collaboration underscores the growing convergence of internet services and blockchain technology in one of the world’s most advanced crypto markets.