Naver Set to Acquire Upbit Operator Dunamu in Landmark Deal

South Korea’s crypto landscape is witnessing a major shake-up as internet giant Naver is reportedly preparing to acquire Upbit, one of the country’s largest cryptocurrency exchanges. According to local reports, the acquisition will take place through Naver’s financial subsidiary, Naver Financial, which will bring Upbit’s parent company Dunamu under its full ownership.

The deal is expected to be structured as a stock swap, with Naver Financial issuing new shares in exchange for Dunamu’s current holdings. If finalized, this acquisition would mark a significant expansion of Naver’s financial services portfolio, which already includes Naver Pay, a widely used digital payment platform in South Korea.

Following reports of the deal, Naver’s stock surged more than 7%, reaching 246,000 won ($175), signaling strong investor confidence in the move. The acquisition would cement Naver’s position not just in the internet and fintech space, but also in the rapidly growing cryptocurrency and blockchain sector.

This development comes at a time when the South Korean government is advancing plans to regulate digital assets more closely, including the introduction of a legal framework for won-pegged stablecoins. Such regulation is expected to boost institutional confidence in crypto, making the timing of this deal particularly significant.

Upbit has long been a dominant player in South Korea’s crypto exchange market, commanding a large share of trading volume and attracting millions of users. Dunamu’s integration into Naver’s financial arm could potentially reshape how digital assets are integrated into mainstream financial services in the country.

Neither Naver nor Dunamu have issued official comments regarding the acquisition, but industry observers believe this deal could set a precedent for further consolidation between traditional tech giants and crypto exchanges in Asia’s fast-evolving digital finance market.