Naver to Buy Upbit Parent Dunamu and Issue KRW Stablecoin
Naver has proposed a share-swap deal to fully acquire Dunamu, the operator of Upbit, making it a wholly-owned unit of Naver Financial. The integration will merge Upbit’s $29 billion daily trading volume with Naver Pay’s 30 million users. Naver also plans to issue a KRW-backed stablecoin under upcoming virtual asset regulations. The deal, pending regulatory approval, aims to create a unified Asia digital finance ecosystem combining payments, e-commerce, traditional finance and crypto trading via Naver Pay and Line. The announcement sent Naver shares up over 11% intraday, reflecting strong market optimism. Possible delays in stablecoin issuance could push launch to 2027. Traders should watch for regulatory developments and synergy impacts on Naver’s crypto strategy.
Neutral
The proposed acquisition of Dunamu by Naver and integration of Upbit could enhance liquidity and trading volume through Naver Pay and Line’s large user base. However, the planned KRW-backed stablecoin is designed to maintain a fixed peg, limiting price volatility. While the deal’s regulatory hurdles may delay the stablecoin launch until 2027, the expanded fintech ecosystem and improved market access are likely to support crypto trading activity over the long term. In the short term, pending approvals introduce uncertainty, keeping price impact neutral.