Naver Financial, the fintech arm of South Korean tech conglomerate Naver, is reportedly forging forward with a plan to amass Dunamu, which operates the nation’s largest crypto trade, Upbit, amid plans for a stablecoin challenge and growth into the digital finance sector.
Naver will purchase Dunamu by making it a subsidiary by way of a share trade, and board conferences to approve the inventory swap will occur quickly, South Korean information companies Yonhap News and Chosun reported on Thursday, citing business sources.
Naver and Dunamu didn’t instantly reply to a request for remark.
Naver is commonly known as the “Google of South Korea,” and is the highest search engine within the nation. The firm additionally has an e-mail internet hosting service, blogs, maps and a cellular fee processor via its subsidiaries.
Upbit Korea is the largest crypto trade in South Korea by way of buying and selling quantity and buyer base, in accordance to CoinMarketCap.
Naver eyes stablecoin challenge
Following the acquisition, Naver Financial will reportedly launch a Korean won-backed stablecoin challenge, together with different digital finance initiatives, as a part of its bid to actively discover abroad growth.
Chosun, citing an business supply, reported that the “collaboration will function a stepping stone to turning into a worldwide fintech firm.”
Eight main South Korean banks already introduced plans in June to launch a stablecoin pegged to the nation’s gained foreign money in late 2025 or early 2026, whereas Bank of Korea deputy governor Ryoo Sangdai voiced help for banks being the first issuers of stablecoins within the nation earlier than regularly increasing to different sectors.
The crypto business in South Korea has benefited from a friendlier surroundings after the election of President Lee Jae-myung in June, who has since pushed ahead with varied crypto-related legal guidelines, together with a invoice to legalize stablecoins.
Naver inventory spikes larger on reviews
This isn’t the web large’s first foray into the crypto house; it launched a crypto pockets, Naver Pay Wallet, in partnership with the sport-focused blockchain Chiliz in August 2024.
Naver’s inventory (KRW) has reacted positively to reviews of its newest crypto enterprise, leaping over 11.4% to commerce at $181 (254,00 Korean Won).
In the second quarter, the conglomerate reported a income of over $2 billion and web revenue of greater than $355 million, in contrast to business chief Google’s income of $96 billion in the identical timeframe.
Crypto trade customers are rising in South Korea
Dunamu isn’t a publicly traded firm, however CoinMarketCap knowledge lists Upbit as the biggest trade in South Korea and the fourth largest globally, with $2.9 billion in 24 spot buying and selling quantity. While the biggest, Binance, has a quantity of $23.8 billion.
Related: South Korea caps crypto lending charges at 20%, bans leveraged loans
Crypto trade customers in South Korea surpassed 16 million in February after receiving a lift from US President Donald Trump’s election win final November, and are alleged to presumably hit 20 million by the top of the yr, in another country’s 51 million individuals.
The cryptocurrency market in South Korea is projected to achieve a income of $1.1 billion in 2025, in accordance to on-line knowledge platform Statista, and develop to $1.3 billion by 2026.
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