South Korea’s internet giant Naver is one step closer to acquiring Dunamu, the operator of the country’s largest cryptocurrency exchange, Upbit. According to industry sources, Naver’s board is set to confirm the Dunamu acquisition plan at an upcoming meeting.
Naver Set to Finalize its Dunamu Acquisition Deal Soon
The blockchain and crypto industries were recently abuzz with speculations of a potential Naver-Dunamu deal as both industry behemoths were reportedly in talks. Recent local reports reveal that this strategic Dunamu acquisition deal has reached its next phase as Naver is expected to finalize it in its board meeting next week.
Through a proposed stock swap via its fintech arm Naver Financial, Naver aims to make Dunamu a wholly-owned subsidiary, enabling the launch of a won-backed stablecoin and other digital finance projects that could significantly impact South Korea’s financial economy.
In addition, Dunamu is also slated to hold a board meeting on November 26 to finalize the acquisition plans. If realized, this strategic purchase would provide the internet leader a major stake in the country’s crypto market. Although both companies initially denied speculations surrounding the deal by stating “nothing has been confirmed yet,” the upcoming meetings will provide more details on the matter.
Following the purchase, Dunamu Chairman Song Chi-hyung is expected to emerge as the largest shareholder of Naver Financial, with Naver becoming the second-largest shareholder. According to industry insiders, the share swap ratio is likely to be around 1:3 or 1:4 between Naver and Dunamu.
Naver and Dunamu To Launch a KRW-Backed Stablecoin
As part of the deal, both Naver and Dunamu are reportedly set to launch a won-backed stablecoin and launch other digital finance initiatives. Earlier this year, both companies entered into a strategic alliance to launch a KRW stablecoin, compliant with the country’s crypto regulatory framework. This development comes on the heels of South Korea’s crypto regulatory overhaul, intended to foster industry growth, along with tackling growing crimes and threats.
The KRW stablecoin is expected to provide seamless domestic payment services, reducing reliance on traditional banking facilities. The companies envision the stablecoin as a cornerstone for next-gen financial tools, offering speed, cost-efficiency, and transparency. By enabling direct on-chain transactions, the stablecoin could eliminate traditional transfer delays and fees.
Given South Korea’s high fintech adoption rates, the stablecoin could seamlessly integrate with popular mobile payment apps, e-commerce platforms, and P2P services.
Dunamu’s Q3 Earnings Soar
As per reports, the Upbit operator’s net income skyrocketed to $165 million in Q3, a 300% surge from the same period last year. In 2024 Q3, it was marked at $40 million. The company saw consolidated revenue reach $266 million, up 35% from the previous quarter. Operating profit jumped 54% to $162 million while net income rose 145% from $67 million in the previous quarter, according to regulatory filings.
Significantly, Dunamu attributes this improved performance to increased trading activity, driven by the rebound in global digital asset markets in 2024 and 2025. The company also noted that investor confidence was boosted by recent regulatory developments in the US. The firm cited the passage of the GENIUS Act, CLARITY Act, and Anti-CBDC Bill under the Trump administration as key drivers of the renewed institutional participation and more stable market conditions.
