South Korea’s Naver is claimed to be shifting near a landmark deal that will give the web big management over Upbit, the nation’s largest cryptocurrency alternate, based on native experiences.
Naver Monetary, the corporate’s fintech arm, is in superior talks with Upbit operator Dunamu, to hold out a complete inventory swap.
Below this plan, the construction would see Naver subject new shares to amass stakes from Dunamu’s current shareholders. Each side are actually finalizing the swap ratio for the unlisted inventory, Chosun Day by day reported Thursday.
In apply, a inventory swap permits two firms to alternate shares as an alternative of money, making a parent-subsidiary kind governance construction. In the end, the transfer is seen as a manner for Naver to cement its entry into digital finance and crypto markets.
Naver Monetary, the fintech arm of South Korea’s largest portal Naver, has agreed to a share-swap take care of Dunamu, operator of Upbit. The transfer successfully offers Naver management of Korea’s No.1 crypto alternate and marks its entry into the digital finance and won-pegged stablecoin…
— Wu Blockchain (@WuBlockchain) September 25, 2025
Abroad Enlargement Plans Add International Dimension To Merger Talks
Naver Monetary processes annual fee volumes value 80 trillion Korean received ($58b). In distinction, pairing that scale with Dunamu’s Upbit platform, ranked the No. 1 alternate in Korea and No. 4 globally, may create one of many strongest alliances but between South Korea’s tech and crypto sectors.
Already, the 2 firms work collectively on a won-pegged stablecoin initiative and plan to make use of the deal as a springboard for abroad enlargement. The transfer is seen as a stepping stone for Naver to turn out to be a worldwide fintech participant.
If profitable, the tie-up would reshape the monetary companies panorama in South Korea. At present, Naver Pay is among the nation’s most generally used digital wallets, competing with Kakao Pay, Toss and established banks.
With Upbit’s crypto dominance added, Naver may hyperlink funds, buying, finance and digital property below one ecosystem.
Market Share Battle Intensifies As Naver Weighs Deal
The timing of the information is notable. Korea Blockchain Week is underway in Seoul, drawing world consideration to the nation’s fast-growing crypto sector.
On the identical time, earlier this week, Upbit’s rival Bithumb struck a partnership with World Liberty Monetary, a crypto enterprise linked to US President Donald Trump.
For years, Upbit has loved a dominant place in South Korea, holding above 80% of market share in some months since 2022. That dominance has triggered criticism from lawmakers, who argue that Dunamu’s grip on the alternate market dangers making a monopoly.
Extra lately, market dynamics have shifted. On Sept. 9, Bithumb’s home share climbed to 46%. Upbit held 50.6%. Because of this, competitors has tightened. This raises the stakes for Naver because it seeks management of Dunamu.
Wanting forward, a deeper alliance between Naver and Dunamu would stand out. If accomplished, it will rank among the many most vital M&A offers in South Korea’s fintech house.
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