Naver To Acquire Upbit, Plans Won-Backed Stablecoin

Naver Financial, the fintech arm of South Korean tech giant Naver, is preparing to acquire Dunamu, the operator of the country’s largest crypto exchange, Upbit.

The deal will be carried out via a share exchange, with board approvals expected soon. Naver, often called the “Google of South Korea,” is already a leader in search, payments, and digital services, and the acquisition would mark a significant step into crypto and digital finance.

BREAKING🚨 S. KOREA’S GOOGLE EYES CRYPTO

Naver, South Korea’s top search engine, plans to acquire Upbit, the country’s largest Crypto exchange, the equivalent of Google buying Coinbase! pic.twitter.com/S8mrgT9b1S

— CryptoSavingExpert ® (@CryptoSavingExp) September 25, 2025

Naver Financial is expected to launch a Korean won-backed stablecoin and expand into other digital finance initiatives, with plans for overseas growth. The Chosun Daily cited sources as saying the move positions Naver as a global fintech player.

This comes as eight major South Korean banks prepare their own stablecoin launches by 2025–2026, with the Bank of Korea supportive of bank-led stablecoin issuance.

The country’s crypto industry has seen a friendlier regulatory climate under President Lee Jae-myung, who has advanced legislation that includes the legalization of stablecoins.

South Korea is working on clear crypto rules and plans to launch a stablecoin tied to the Korean won. The ruling party has set up a task force to pass stablecoin laws by the end of the year.

Naver’s Dunamu Deal Aligns With South Korea’s Crypto Growth

Naver’s stock price soared 11.4% to 254,000 won ($181) on news of the Dunamu acquisition, which in Upbit controls the fourth-largest crypto exchange globally with volume at $2.9 billion daily,

Naver, which has already experimented with crypto via its Naver Pay Wallet, launched in 2024, posted second-quarter profit of $355 million on revenue of over $2 billion.

Meanwhile, South Korea’s crypto market is booming, with crypto users topping 16 million in February and projected to reach 20 million by year-end.

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