Naver Financial, the payments and fintech arm of South Korean internet group Naver, has agreed to acquire Dunamu, the operator of the country’s largest cryptocurrency exchange Upbit, in an all-stock deal valued at around 15.13 trillion won, or about 10.3 billion dollars.
The share swap will see Naver Financial issue 2.54 of its own shares for each Dunamu share, creating one of Asia’s biggest crypto and digital finance combinations.
The transaction is designed to secure long-term growth from digital assets and related financial services, moving Naver beyond its core advertising, commerce, and content businesses.
Analysts say the merged group could become a leading Korean fintech platform by combining Upbit’s trading base with Naver’s payments, user traffic, and data, even as regulators toughen oversight of crypto trading and stablecoins.
What is behind Naver Financial’s $10.3 billion Dunamu acquisition?
Naver Financial’s decision to buy Dunamu reflects a strategic shift toward higher-growth financial services that sit on top of its large online ecosystem.
By paying with shares rather than cash, Naver aligns incentives with Dunamu’s owners and signals a long-term bet that digital assets, token-based payments, and Web3-style services will expand in South Korea and abroad.
The deal is also one of the largest technology-related acquisitions in Asia this year, which underlines how central cryptocurrency infrastructure has become to mainstream financial and internet groups.
Naver Financial said in filings that digital assets are expected to act as a key driver of future growth, while the combined business will look for new revenue from trading fees, custody, staking services, and payment integration.
Did you know?
That South Korea has at times recorded higher crypto trading volumes than its local stock market, with digital asset activity driven heavily by younger retail investors.
How dominant is Upbit in South Korea’s cryptocurrency trading market?
Upbit is widely regarded as the dominant crypto exchange in South Korea, often controlling around 70 percent of spot trading volume among local platforms, with some estimates placing its share above that level during peak periods.
The platform has millions of registered users and is especially popular with younger retail investors who trade leading coins, altcoins, and Korean-focused projects.
South Korea has at times posted crypto trading volumes that rival or exceed those on its domestic stock market, which makes control of Upbit strategically valuable for any company seeking financial scale.
By gaining Dunamu, Naver Financial will inherit this entrenched market position, along with order books, brand recognition, and established relationships with regulators and banking partners.
What does the deal mean for Naver’s fintech, stablecoin, and global plans?
The acquisition strengthens Naver Financial’s position as a comprehensive digital finance provider, covering payments, lending, wealth services, and now large-scale crypto trading under one umbrella.
Company statements and local media reports indicate that Naver and Dunamu plan multi-trillion won investments to expand into Web3 businesses, tokenization, and overseas markets, building a recognizable K fintech champion.
Naver has already explored stablecoin and digital wallet concepts, and ownership of Upbit will make it easier to roll out regulated on-chain payment and investment products once South Korea’s Digital Asset Basic Act framework is fully implemented.
Analysts say this could open routes for cross-border remittances, digital won-linked products, and new forms of loyalty programs that blend e-commerce with token-based rewards.
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How does the Upbit security breach test the merger story?
Shortly after the acquisition terms became public, Upbit reported abnormal withdrawal activity tied to its Solana hot wallet, with estimated losses in the mid-tens of millions of dollars.
The exchange paused deposits and withdrawals for investigation and pledged to fully cover affected customers using its own funds, a move intended to preserve trust during a politically sensitive merger.
Cybersecurity experts noted that this was not the first time Upbit had faced a significant exploit, raising ongoing questions about operational risk at centralized exchanges.
For Naver Financial, the incident underscores the need to invest heavily in security architecture, monitoring, and incident response, since future brand damage could spill over from the exchange into its broader payments and consumer services.
Will Korean regulation support or constrain this new crypto fintech giant?
South Korea has been tightening rules on digital asset trading, focusing on investor protection, anti-money laundering controls, and clearer liability for exchanges, culminating in the Digital Asset Basic Act.
Upbit has already been under heightened scrutiny, including fines and investigations, which means the combined group will need robust compliance systems to satisfy regulators and reassure retail users.
At the same time, policymakers see an opportunity to position South Korea as a competitive yet well-regulated hub for digital assets, attracting foreign capital and technology while avoiding the reputational damage of unrestrained speculation.
Naver Financial’s acquisition of Dunamu could fit that narrative if it demonstrates strong governance, transparent disclosures, and responsible product design that aligns with new legal requirements.
In the years ahead, the success of this $10.3 billion deal will depend on how effectively Naver Financial integrates Upbit’s crypto engine into its broader platform, manages security and compliance risks, and converts Korea’s active trading culture into sustainable digital finance innovation that can compete on a regional and global stage.
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