Korean Internet conglomerate Naver is reportedly preparing to confirm its acquisition of Dunamu, the operator of the country’s largest crypto exchange, Upbit.
The deal, expected to be formalized at a board meeting next week, effectively merges the nation's dominant search engine with its most liquid trading venue. The deal was originally mooted in September by local sources, and now has a greater degree of certainty, according to Yonhap. No acquisition price has been disclosed.
According to Yonhap, the transaction will utilize a stock-swap structure that integrates Dunamu into Naver Financial as a wholly owned subsidiary. The proposed ratio (between 1:3 and 1:4) creates an unusual power dynamic: it would leave Dunamu Chair Song Chi-hyung as the largest shareholder of the combined fintech entity, with Naver taking the second position.
The Super App Play
This is not just about "synergy." It is a defensive moat. By absorbing Upbit, Naver gains direct access to a user base that trades $1.5bn in spot volume daily. It gives the tech conglomerate an instant monopoly on the two most valuable data streams in Korea: search intent and financial speculation.
The combination poses an immediate threat to domestic banks, which have spent the last year trying to build their own walled gardens for tokenized assets. A Naver-backed stablecoin, distributed through a platform that half the population already uses for payments, would render bank-led alternatives obsolete before they launch.
Regulatory Clearance
The deal arrives just months after Seoul implemented the Digital Asset Basic Act, which tightened licensing and reserve standards. While regulators have reportedly indicated that the tie-up respects financial separation rules, the sheer scale of the entity is likely to test the comfort levels of the Korea Fair Trade Commission.
If finalized, the merger does more than "cement" Korea’s position as a crypto hub. It signals that the era of independent exchanges is ending. The future belongs to the platforms that can hide the crypto rails behind a friendly UI.
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