South Korea’s Naver to Acquire Upbit Exchange, Eyes Stablecoin Push

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Naver Financial, the fintech arm of South Korea’s largest portal Naver is set to acquire Upbit, the country’s largest crypto exchange, through a share-swap with operator Dunamu. 

The move not only gives Naver a direct role in digital asset trading but also gives direct entry into the fast-emerging stablecoin market.

Naver To Take Over Upbit Exchange

Naver, South Korea’s largest search engine, already dominates online search, email, blogs, maps, and digital payments in the country. Now, with this share-swap deal, it is set to take over Upbit, which is South Korea’s No.1 cryptocurrency exchange and ranks as the world’s fourth-largest exchange by trading volume. 

Reports suggest board approvals for the stock swap will happen soon, formally making Dunamu a subsidiary of Naver Financial.

With its popular payments service, Naver Pay, already handling an annual volume of 80 trillion won, the company now has the chance to link shopping, payments, and crypto under one ecosystem.

Naver’s Push Into Stablecoins Market

But this isn’t just about ownership. The two firms are also preparing to launch a won-pegged stablecoin, offering Korea its own currency-backed alternative to dollar-based tokens.

Industry insiders see the project as a potential stepping stone for Naver to grow into a global fintech leader.

The timing is crucial as the government under President Lee Jae-myung has created a more crypto-friendly environment, recently backing legislation to legalize stablecoins.

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Naver’s Stock Price Jump 12%

Investor reaction was quick following the announcement as Naver’s shares jumped over 11% to 255,000 won after news of the deal broke, reflecting excitement over its expansion into crypto. 

The company had dipped its toes into crypto before, with a wallet launch in 2024, but this acquisition marks its biggest commitment yet.

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FAQs

How will this acquisition affect the cryptocurrency market in South Korea?

It significantly legitimizes the market by integrating a major crypto exchange with a mainstream tech giant, likely boosting adoption and innovation, especially for a Korean won stablecoin.

How have investors reacted to Naver’s acquisition of Upbit?

Investors reacted very positively. Naver’s stock price jumped over 11% immediately after the news, showing strong market confidence in this strategic expansion.

What future prospects does this deal create for Naver?

The deal positions Naver to become a global fintech leader by combining e-commerce, payments, and crypto trading into one powerful, integrated ecosystem.

How big is Upbit in the global cryptocurrency exchange market?

Upbit is South Korea’s largest crypto exchange and ranks as the fourth-largest exchange in the world by trading volume, making it a major global player.