Naver Financial to Acquire Upbit in Strategic Move Toward Stablecoin Launch

Highlights:

• Naver Financial is set to acquire Upbit, gaining control of South Korea’s largest crypto exchange.
• The acquisition supports Naver’s plan to launch a Korean won-backed stablecoin and expand digital finance.
• The deal positions Naver to strengthen market influence amid growing South Korean crypto adoption.

Naver Financial, the fintech arm of South Korea’s tech giant Naver, is set to acquire Dunamu, the operator of the country’s largest cryptocurrency exchange, Upbit. The acquisition will take place through a share exchange, transforming Dunamu into a wholly owned subsidiary of Naver Financial. Board meetings to approve the stock swap are expected soon, according to Yonhap News and Chosun, which cited industry sources.

BREAKING🚨 S. KOREA'S GOOGLE EYES CRYPTO

Naver, South Korea’s top search engine, plans to acquire Upbit, the country’s largest Crypto exchange, the equivalent of Google buying Coinbase! pic.twitter.com/S8mrgT9b1S

— CryptoSavingExpert ® (@CryptoSavingExp) September 25, 2025

Naver and Dunamu have not yet provided comments on the deal. Naver, founded in 1999, has grown into South Korea’s top search engine. The company also provides email, maps, blogs, and mobile payments through its subsidiaries. Its extensive digital presence has allowed Naver to expand into financial services successfully.

Upbit dominates the South Korean crypto market in terms of trading volume and user base. In particular, the exchange recorded a $2.9 billion 24-hour spot trading volume, ranking it fourth globally. By comparison, Binance remains the global leader with $23.8 billion in daily trades. The acquisition allows Naver to integrate one of the country’s leading crypto platforms into its financial ecosystem.

The use of crypto in South Korea is on the rise. Its exchange users hit 16 million in February and might hit up to 20 million by year’s end. This growth opens up opportunities to Naver to expand into digital finance and solidify in the market.

Naver Financial to Acquire Upbit and Launch Stablecoin Plans

After the acquisition, Naver Financial will work on a stablecoin initiative backed by the Korean won and expand its digital finance programs. The plan is part of a larger trend, with eight large South Korean banks proposing plans to issue won-pegged stablecoins by the end of 2025 or early 2026. The government and the Bank of Korea officials have supported these developments.

Upbit and Naver Pay entered into a strategic alliance in July to prepare a KRW-based stablecoin. The partnership will enhance profitability and impact digital asset policy in the nation. The action also contributes to the overseas expansion plans of Naver and will mark its more active presence in global fintech markets.

Naver has already ventured into the crypto space through the creation of the Naver Pay Wallet with blockchain partner Chiliz in August last year. Upbit has already made some moves towards international expansion. It collaborated with MB Bank in Vietnam in August to create the first domestic crypto exchange in the country. This global presence puts Naver in a position to utilize the infrastructure of Upbit to capitalize on local and international growth prospects.

1️⃣ Vietnam is preparing to launch its first regulated crypto exchange — and Upbit is stepping in through MB Bank. 🇻🇳💹
This could reshape Southeast Asia’s crypto scene.#VietnamCrypto #Upbit #CryptoExchange #CryptoNews

— Cryptowave (@cryptsnews) September 15, 2025

Strategic Implications for Naver and the Crypto Market

The acquisition will enable Naver to incorporate the crypto services of Upbit into its financial services. This business plan makes Naver a key contender in the digital banking industry in South Korea. Analysts believe that through the integration, Naver is going to increase its market presence and provide a competitive advantage in stablecoin and crypto activities.

In a related development, the Democratic Party of Korea has created a digital asset task force. The group will work to create legislation for won-pegged stablecoins. The task force plans to enact the legislation before the year ends, a move that indicates the increased governmental support of local currency stablecoins. The acquisition by Naver is in line with these developments, as it gives the company infrastructure and partnerships that will guide it through changes in regulations effectively.