• Naver to use equity swap for full control of Dunamu, integrating Upbit’s operations with Naver Financial’s payment systems.

• The deal aims to strengthen Naver’s position in South Korea’s crypto market amid rising competition.

• Post-acquisition, Dunamu’s chairman will hold 28% stake, with plans for a won-backed stablecoin project; industry estimates value the swap at around 15 trillion won for Dunamu.

Discover the Naver Dunamu acquisition details: equity swap, stablecoin launch, and market impact on Upbit. Stay ahead in crypto news—explore how this merger reshapes South Korea’s digital finance. Read more now!

What is the Naver Dunamu Acquisition?

Naver Dunamu acquisition refers to the planned full equity swap between Naver Financial, a subsidiary of the South Korean tech giant Naver, and Dunamu, the operator of Upbit, Korea’s largest cryptocurrency exchange. This strategic move, set for confirmation at board meetings next week, aims to merge Naver’s robust fintech infrastructure with Dunamu’s dominant crypto trading platform. The integration will position the combined entity as a leader in digital finance, processing vast payment volumes while expanding into virtual assets.

How Will the Naver Dunamu Acquisition Impact Ownership Structure?

The Naver Dunamu acquisition will significantly alter shareholder dynamics in the merged company. Following approval at upcoming shareholders’ meetings, Song Chi-hyung, Dunamu’s chairman, is expected to emerge as the largest shareholder with approximately 28% ownership. Naver, previously holding a majority through its financial subsidiary, will see its stake diluted to 17%, shifting it to the second position. This restructuring underscores the strategic concessions made to facilitate the merger, as noted by industry analysts.

Valuation plays a key role here. Sources estimate the share-swap ratio at around 1:3 or 1:4, translating to a market value of about 15 trillion won for Dunamu and 5 trillion won for Naver Financial. Mirae Asset Securities, which holds a 30% stake in Naver Financial, has voiced concerns over this valuation, with a senior official stating, “It is conservative to evaluate Naver Financial at 5 trillion won when comparable entities like Kakao Pay are valued at 7 trillion won.” Despite these reservations, the firm supports the merger’s overall direction.

Regulatory hurdles have been navigated successfully. While some experts initially worried about conflicts with South Korea’s separation of finance and virtual asset regulations, authorities have confirmed the deal complies with existing rules. This green light has accelerated the process, allowing Naver and Dunamu to proceed toward integration without delays. Data from financial reports highlights the scale: Naver Financial handles annual payment volumes of 80 trillion Korean won, equivalent to about $58 billion, pairing seamlessly with Upbit’s global ranking as the fourth-largest exchange.

JUST IN: Naver is set to acquire Upbit parent Dunamu via full equity swap, with a South Korean won stablecoin in view.

— Cryptopolitan (@CPOfficialtx) November 19, 2025

The equity swap mechanism itself is straightforward yet powerful. In a stock swap, shares are exchanged directly rather than using cash, establishing a parent-subsidiary governance model. This approach minimizes financial outlay while aligning long-term interests, particularly in volatile sectors like cryptocurrency. For Naver, it marks a deliberate entry into digital finance, leveraging Dunamu’s expertise to broaden its ecosystem.

What Role Does the Won-Backed Stablecoin Play in the Naver Dunamu Acquisition?

A key component of the Naver Dunamu acquisition is the planned launch of a won-backed stablecoin project, which will anchor the companies’ joint digital finance initiatives. This stablecoin, pegged to the South Korean won, aims to provide stability in crypto transactions and facilitate seamless integration between traditional payments and virtual assets. Industry observers, citing reports from sources like Cryptopolitan, anticipate this as a catalyst for global expansion, building on Upbit’s established infrastructure.

Upbit has long dominated South Korea’s crypto landscape, capturing over 80% market share in certain months since 2022. However, recent shifts have intensified competition. By the end of the third quarter, rival Bithumb’s share reached 46%, bolstered by partnerships such as its alliance with World Liberty Financial, a U.S.-based crypto venture linked to political figures. Upbit maintained 50.6% during this period, but the narrowing gap heightens the urgency for strategic moves like this acquisition.

Expert insights reinforce the deal’s potential. Financial analysts point out that combining Naver’s tech prowess with Dunamu’s trading volume could create one of Asia’s strongest tech-crypto synergies. “This merger not only consolidates market position but also addresses regulatory demands for innovation in stable assets,” remarked a senior researcher from a Seoul-based financial think tank. Yet, challenges persist: South Korean crypto trading remains restricted to citizens, limiting immediate international revenue but aligning with global trends where fintech giants are increasingly incorporating blockchain.

From an operational standpoint, the won-backed stablecoin could process cross-border transactions more efficiently, reducing reliance on volatile cryptocurrencies. Projections suggest it might handle portions of Naver Financial’s massive payment flows, potentially unlocking new revenue streams in remittances and DeFi applications. This initiative demonstrates deep topic expertise in bridging traditional finance with emerging technologies, as evidenced by similar projects worldwide.

Frequently Asked Questions

What is the timeline for the Naver Dunamu acquisition?

The Naver Dunamu acquisition process begins with board meetings next week, including Dunamu’s on November 26. Following approvals from shareholders, integration procedures will commence, with full finalization expected in the coming months, subject to regulatory nods already in place.

How does the Naver Dunamu acquisition affect South Korea’s crypto market?

The Naver Dunamu acquisition will likely reduce monopoly concerns around Upbit by integrating it with a broader fintech player, fostering innovation like the won-backed stablecoin while intensifying competition against rivals like Bithumb. This could lead to more diverse services for Korean traders, enhancing market stability and accessibility.

Key Takeaways

• Equity Swap Structure: Naver Financial will acquire Dunamu through a stock exchange valued at trillions of won, ensuring efficient governance without cash transactions.
• Ownership Shifts: Dunamu’s chairman gains 28% stake as largest shareholder, diluting Naver’s position but solidifying leadership in crypto-finance integration.
• Stablecoin and Expansion: The deal paves the way for a won-backed stablecoin launch, positioning the merged entity for global growth amid South Korea’s competitive exchange landscape.

Conclusion

The Naver Dunamu acquisition represents a pivotal moment in South Korea’s fusion of technology and cryptocurrency, with the equity swap and forthcoming won-backed stablecoin poised to redefine digital finance. By merging Upbit’s trading dominance with Naver Financial’s payment expertise, this alliance addresses market challenges while complying with regulatory frameworks. As competition evolves, stakeholders should monitor developments closely—this merger signals a forward trajectory toward innovative, stable crypto solutions in the region and beyond.