Naver Acquires Dunamu: Stablecoin Integration and Super App Approach to Lead South Korea's Digital Financial Market

Naver, South Korea’s leading internet company, is preparing to complete its takeover of Dunamu—the firm behind the nation’s top crypto exchange, Upbit—via a comprehensive share swap. This move marks a significant step in Naver’s expansion into digital finance. Pending approval at board meetings scheduled for November 26, Naver Financial, the company’s fintech arm, will merge with Dunamu. The new entity plans to introduce a stablecoin backed by the Korean won and broaden its digital financial offerings

. Estimates suggest the share exchange ratio may be set at 1:3 or 1:4, and Naver Financial’s at 5 trillion won.

Dunamu’s latest earnings highlight its importance in the deal. The company

for the third quarter of 2025, up 300% from the previous year, fueled by increased trading volumes and favorable regulatory shifts in the U.S., such as the passage of the Genius Act and Clarity Act. Quarterly consolidated revenue climbed 35% to $266 million, and operating profit jumped 54% to $162 million. Dunamu credits its growth to renewed institutional interest and better market conditions following global crypto recoveries in 2024 and 2025.

This acquisition fits into Naver’s larger goal of leading South Korea’s digital finance market. By combining Upbit’s 50.6% share of the local crypto market with Naver’s extensive user network and services, the merged company aims to build a “super app” that integrates payments, online shopping, and cryptocurrency trading.

, the proposed stablecoin—tied 1:1 to the won—could further strengthen Naver’s role in both domestic and international payments, especially as the country’s crypto sector grows under President Lee Jae-myung.

Regulatory approval remains a significant challenge. While regulators have stated the merger does not breach laws separating finance from virtual assets, concerns about market competition remain.

the largest stakeholder in the new company with a 28% share, while Naver’s stake will drop to 17%. is too low, pointing to Kakao Pay’s higher market value as a comparison.

The transaction also faces pressure from competitors. Bithumb, Upbit’s main rival,

and has recently teamed up with , a crypto company associated with U.S. President Donald Trump. Still, Naver’s financial strength—processing 80 trillion won (about $58 billion) annually through Naver Financial—positions the combined entity to surpass its competitors. further regulatory scrutiny if Upbit’s dominance increases, though the current merger has received official approval.

Dunamu is also dealing with regulatory disputes. The company is appealing a three-month suspension imposed by South Korea’s Financial Intelligence Unit, which accused Upbit of failing to properly vet customers. Dunamu maintains the penalty is excessive and could disrupt its business, even as it insists on its compliance efforts

.

This acquisition is part of a wider global pattern where tech and fintech leaders are consolidating crypto infrastructure. Naver’s strategy echoes PayPal’s

and Meta’s Diem initiative, using centralized platforms to speed up mainstream crypto adoption. While some in the crypto community may resist corporate dominance, this approach could help bring blockchain technology into everyday use more quickly.