Naver Financial expected to gain control of Upbit through share-swap deal

Key Takeaways

Naver Financial, the fintech arm of Naver, is expected to acquire full control of Dunamu, the operator of South Korea’s prominent Upbit cryptocurrency exchange, via a share-swap deal.
The acquisition would make Dunamu a wholly owned subsidiary of Naver Financial, positioning Naver as the direct owner of Upbit.

Naver Financial, the fintech subsidiary of South Korea’s dominant internet portal, is expected to gain full control of Dunamu, the operator of Upbit cryptocurrency exchange, through a share-swap deal that the two firms are preparing to approve.

The acquisition would transform Dunamu into a wholly owned subsidiary of Naver Financial, giving the tech giant direct ownership of South Korea’s leading crypto exchange platform.

In July 2025, Upbit and Naver Pay formed a strategic alliance to launch a KRW-based stablecoin, following South Korean regulatory developments and growing government support for won-pegged stablecoins. The partnership aimed to enhance profitability and influence digital asset policies in the country.

Upbit has expanded internationally through a partnership with Vietnam’s MB Bank in August 2025 to establish the country’s first domestic crypto exchange.

The deal positions Naver to capture market share in South Korea’s growing digital finance sector through its control of the exchange that has been actively pursuing both domestic stablecoin integration and international expansion.