Naver Acquires Upbit, Launches KRW-Pegged Stablecoin
Naver acquires Upbit operator Dunamu via a share-swap deal, making the crypto exchange a wholly-owned subsidiary. The acquisition means Naver acquires Upbit’s leading platform, unifying its payment network with South Korea’s largest crypto exchange to accelerate entry into digital finance. Upbit will integrate its GIWA Layer-2 blockchain built on Ethereum’s OP Stack to boost transaction speed and enable future DeFi services. Together, they plan to launch a KRW-pegged stablecoin for low-cost domestic and cross-border payments, leveraging Naver’s 80-trillion-won annual transaction volume. The move aligns with South Korea’s evolving crypto regulations and could strengthen the country’s fintech and crypto hub status.
Bullish
The acquisition unifies Naver’s massive payment infrastructure with Upbit’s leading crypto exchange, boosting institutional credibility and user adoption. Integration of the GIWA Layer-2 blockchain on Ethereum’s OP Stack is set to improve transaction speed and pave the way for DeFi and stablecoin services. Launching a KRW-pegged stablecoin taps into domestic and cross-border payment demand, leveraging Naver’s 80 trn won volume. In the short term, positive sentiment around M&A and regulatory support should drive bullish momentum, while long-term infrastructure synergies and compliance alignment may sustain growth and market stability.