Naver to Acquire Upbit Operator Dunamu via Stock Swap

South Korea's tech giant Naver is set to acquire Dunamu, the operator of Upbit, a leading crypto exchange, through a stock swap. This acquisition will integrate Upbit into Naver Financial, extending its reach into cryptocurrency.

Strategic Expansion into Crypto and Stablecoins

Naver plans to launch a Korean won-backed stablecoin using Dunamu’s blockchain infrastructure and Upbit’s market position.
The initiative aligns with South Korea's pro-crypto legislation under President Lee Jae-myung.

Users, Payments, and Blockchain Infrastructure

Naver's 40 million active users can simplify Upbit registrations via integrated authentication and streamlined KYC.
Naver Pay could incorporate stablecoins for efficiency, while Dunamu benefits from blockchain revenue streams like the GIWA Chain.
This integration may boost adoption in payments and crypto services by merging user bases.

Beyond Finance: Content and Global Reach

Naver Webtoon might use Dunamu’s blockchain for intellectual property management and new monetization models.
Other platforms, such as Poshmark, could innovate with blockchain for programmable payments and tokenized assets.

Market reactions were significant, with Naver’s stock rising over 11.4% post-announcement. While the acquisition isn't finalized, it's compared to Google's potential acquisition of a major American exchange.