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

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

Bitget-RWA2025/11/20 05:22

By:Bitget-RWA

- Naver acquires Dunamu via equity swap to enter digital finance, merging with Upbit, South Korea's top crypto exchange. - The deal aims to launch a won-backed stablecoin and create a "super app" combining payments, e-commerce, and crypto trading. - Dunamu's 300% Q3 profit surge and 50.6% market share highlight its strategic value, though antitrust concerns and regulatory challenges persist. - Naver's move aligns with global trends of tech giants consolidating crypto infrastructure, leveraging scale to acc

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

as reported by industry sources

. Estimates suggest the share exchange ratio may be set at 1:3 or 1:4,

putting Dunamu’s valuation near 15 trillion won

and Naver Financial’s at 5 trillion won.

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

posted a net profit of 239 billion won

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.

Naver Acquires Dunamu: Stablecoin Integration and Super App Approach to Lead South Korea's Digital Financial Market image 0

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.

Experts believe

, 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.

Song Chi-hyung, the chairman, is anticipated to become

the largest stakeholder in the new company with a 28% share, while Naver’s stake will drop to 17%.

Mirae Asset Securities has argued that the valuation

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,

commands 46% of the Korean market

and has recently teamed up with

World Liberty Financial

, 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.

Observers warn that the acquisition could trigger

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

according to sources

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

integration of Bitcoin

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.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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- Naver Financial acquires Dunamu via equity swap, making Upbit a wholly owned subsidiary to expand digital finance and crypto markets. - Dunamu's chairman becomes largest shareholder (28%), while Naver's stake dilutes to 17%, raising valuation and governance concerns. - Regulatory scrutiny focuses on antitrust risks as Upbit holds 50.6% market share, amid intensified competition from Bithumb and U.S. crypto firms. - Naver plans a won-backed stablecoin integrated into Naver Pay and explores Saudi partnersh

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