South Korea’s internet giant Naver is preparing to expand its financial services by bringing the country’s largest crypto exchange under its wing.
According to local reports, Naver’s financial arm, Naver Financial, will execute a share swap with Upbit’s parent company Dunamu. Once completed, Dunamu will become a wholly owned subsidiary of Naver Financial. However, the move will not be a traditional merger, as both companies will legally remain independent entities.
Sources said both sides have formed dedicated task force teams to finalize the deal. Under the plan, Naver Financial will issue new shares and distribute them to Dunamu’s shareholders. Dunamu has yet to make an official comment, only stating that it is “in the process of fact-checking.”
Founded in 1999, Naver operates the country’s leading search engine as well as Naver Pay, alongside lending, insurance, and investment services. By adding Upbit’s crypto infrastructure, Naver strengthens its positioning just as South Korea accelerates digital asset regulations. The government aims to legalize a won-pegged stablecoin market by the end of the year, making the timing of this acquisition a strategic move.
