Dunamu, the operator of South Korea’s largest crypto exchange Upbit, is set to become a wholly owned subsidiary of Naver Financial via a stock swap agreement that positions the two firms to create a super app that unifies crypto trading, digital payments, and everyday commerce.
Summary
- Naver Financial plans a stock swap to acquire Dunamu, making the Upbit operator its wholly owned subsidiary.
- The merger is expected to make way for a super app combining Naver Pay’s payment network with Upbit’s crypto trading platform.
- Upbit has previously partnered with Naver Pay to develop a won-pegged stablecoin.
Naver Financial is the fintech subsidiary of South Korean technology conglomerate Naver Corp, and it plans to carry out the stock swap via a share exchange with existing Dunamu stakeholders, according to multiple local media reports that cited sources familiar with the matter.
Both companies have a longstanding relationship via prior collaborations on blockchain initiatives, including a Korean won-backed stablecoin project involving Naver Pay and Dumamu’s unlisted stock trading platform Ustockplus, in which Naver Financial recently acquired a controlling stake.
Now, sources claim the stock exchange agreement would pave the way for the creation of a super app that brings together Naver Pay’s vast payment network and Upbit’s crypto trading infrastructure. Naver hopes that the new platform will be usable across every aspect of a user’s financial life, from e-commerce and remittances to digital assets and blockchain-based services.
According to a source cited by Yonhap, the two companies will soon hold a “board meeting to approve the comprehensive stock swap.”
The stock swap, if approved, will involve Naver Financial issuing new shares to Dunamu’s existing shareholders in exchange for their stakes, effectively converting them into shareholders of Naver Financial and making Dunamu a fully owned subsidiary under its corporate umbrella.
Shareholders welcomed the news, sending Naver Corp. shares up as much as 11% on the day.
Naver, Upbit to become a leading player in the Stablecoin market
The timing of this merger is noteworthy, especially as South Korea has diverted a lot of focus to establishing and regulating its stablecoin market as a means to challenge the dominance of dollar-pegged options.
Industry experts believe Naver and Upbit’s stablecoin initiative greatly benefits from this merger, and the two firms are now well-positioned to launch a Korean won-backed stablecoin that could dominate domestic adoption by leveraging Naver Pay’s vast merchant network. Naver Pay is leading the stablecoin initiative, which was first announced in July 2025.
Meanwhile, Upbit itself has forayed into blockchain infrastructure with the launch of its Ethereum layer-2 network GIWA Chain earlier this month, and stablecoins are expected to play a central role in the ecosystem, which includes the GIWA wallet.
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