Naver Financial, the fintech arm of South Korea’s largest search engine, is weighing a potential share-swap agreement with Dunamu, the operator of Upbit.
Earlier today, reports from local outlets suggested that the talks had already advanced into merger territory, but Naver’s regulatory filing clarified that no binding terms have been confirmed.
The disclosure, submitted to the Financial Supervisory Service, acknowledged that Naver and Dunamu are exploring multiple forms of cooperation. These include a potential share exchange, a won-pegged stablecoin project, and unlisted stock trading services.
However, Naver’s CFO, Hee Cheol Kim, stressed that concrete details will be announced within a month or once a formal agreement is reached.
Potential benefits for South Korea’s crypto ecosystem
A report from Tiger Research suggests that any agreement between Naver and Dunamu would reshape South Korea’s crypto economy.
It noted:
“This deal resembles a scenario where Google acquires Coinbase, the leading crypto exchange.”
According to the report, the potential acquisition goes beyond corporate restructuring, pointing instead to a fundamental shift in how digital assets could be embedded into mainstream finance and technology.
If Naver integrates Upbit’s blockchain infrastructure, the partnership could fast-track the adoption of digital payments nationwide.
Naver Pay already serves over 30 million users and handles tens of trillions of won in annual shopping transactions. Introducing a won-backed stablecoin into this system would cut card processing costs, streamline settlements, and attract millions of crypto investors directly into Naver’s payment ecosystem.
For Dunamu, the deal would provide both scale and utility. The company recently unveiled GIWA Chain, an Optimism-based Layer 2 network designed to expand its role from exchange operator to blockchain infrastructure provider.
Linking with Naver would open new revenue streams from stablecoin usage and transaction fees while easing user onboarding.
Moreover, its crypto sign-ups involve time-consuming identity verification processes. By embedding Naver’s mobile ID service, Upbit could simplify the KYC process for Naver’s 40 million monthly users, lowering barriers and driving growth.
It noted:
“These changes would directly impact Upbit’s user expansion. Upbit currently has 10 million cumulative registered users. When Naver’s 40 million user base combines with a simplified registration process, potential users can join much more easily. This represents a significant opportunity for Upbit to accelerate its user growth rate.”
The potential benefits also reach into culture and capital markets.
Naver Webtoon, which posted $1.35 billion in revenue in 2024 and maintains partnerships with Disney and Marvel, could harness blockchain to tokenize intellectual property, boost creator transparency, and launch community-driven token economies.
In parallel, Naver’s ownership of Poshmark and its unlisted stock trading platform opens paths for stablecoin-based escrow systems, tokenized equity markets, and blockchain-verified ad settlements.