South Korea’s largest crypto exchange Upbit is on track to become part of Naver Financial, the fintech arm of internet conglomerate Naver, through a comprehensive share exchange.
According to local media reports, Dunamu, the operator of Upbit, will be turned into a subsidiary of Naver Financial. Under the agreement, Dunamu shareholders will exchange their holdings for securities issued by Naver Financial, effectively transferring full ownership of the exchange operator.
The largest stakeholders in Dunamu include Song Chi-hyung, co-founder and chairman of the board (25.5%), and co-founder and vice chairman Kim Hyun-nyun (13.1%). Another 10% is held by Kakao Corp, whose position on the deal has not yet been disclosed.
Unlike a traditional merger, both companies will remain legally independent. However, 100% of Dunamu’s shares will shift to Naver Financial, giving Dunamu’s current shareholders indirect ownership in the fintech subsidiary.
Following the transaction, Upbit’s crypto infrastructure is expected to be integrated into Naver Pay, the company’s widely used payment platform. The integration could provide millions of existing payment users with streamlined access to the crypto market.
Industry observers note that if Naver eventually issues a won-backed stablecoin through its network, the combined ecosystem could give the company a dominant role in the digital finance sector. Analysts also estimate that the deal could generate up to ₩1 trillion ($730 million) in consolidated profits for Naver.
Earlier this year, custody service provider BDACS introduced the first Korean won-pegged stablecoin, though the project remains in its conceptual stage.
