Naver’s Fintech Arm to Acquire South Korea’s Biggest Crypto Exchange in $10 Billion Deal
GeokHub
Contributing Writer
SEOUL, Nov 27, 2025 — Naver Financial, the fintech arm of South Korean internet giant Naver, has announced an all-stock agreement to acquire Dunamu, the operator of the country’s largest cryptocurrency exchange, Upbit, in a deal valued at more than 15 trillion won (approximately $10.3 billion).
The acquisition will make Dunamu a wholly owned subsidiary of Naver Financial. Under the terms of the transaction, each Dunamu share will be exchanged for 2.54 Naver Financial shares, marking one of the largest digital-finance consolidations in South Korean history.
Upbit currently dominates the domestic cryptocurrency market with an estimated 70% share, alongside strong profitability and consistent trading volumes. By integrating the exchange into its broader ecosystem, Naver aims to accelerate its expansion into digital assets, blockchain financial services, and potential future stablecoin offerings.
Market analysts say the combined entity positions Naver to develop a “super-app” that merges payments, digital banking, online services, and crypto trading — an integrated platform designed to appeal to South Korea’s fast-growing digital-native customer base.
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Market Impact and Strategic Outlook
Initial market reaction reflected optimism, with Naver’s stock rising sharply in early trading. However, sentiment later shifted after reports emerged of an abnormal withdrawal incident connected to Upbit, underscoring the inherent risks surrounding crypto-exchange operations.
The merger is expected to draw close scrutiny from South Korean financial regulators, who have tightened oversight of cryptocurrency platforms amid concerns over consumer protection, cybersecurity, and liquidity risk. For Naver Financial, the challenge will be balancing innovation with regulatory compliance while maintaining user trust during integration.
If executed successfully, the acquisition could reshape South Korea’s fintech landscape, placing Naver at the center of a rapidly evolving financial ecosystem where traditional banking, blockchain services, and digital assets increasingly intersect.
