South Korea’s Naver is said to be moving close to a landmark deal that would give the internet giant control over Upbit, the country’s largest cryptocurrency exchange, according to local reports.
Naver Financial, the company’s fintech arm, is in advanced talks with Upbit operator Dunamu, to carry out a comprehensive stock swap.
Under this plan, the structure would see Naver issue new shares to acquire stakes from Dunamu’s existing shareholders. Both sides are now finalizing the swap ratio for the unlisted stock, Chosun Daily reported Thursday.
In practice, a stock swap allows two companies to exchange shares instead of cash, creating a parent-subsidiary type governance structure. Ultimately, the move is seen as a way for Naver to cement its entry into digital finance and crypto markets.
Naver Financial, the fintech arm of South Korea’s largest portal Naver, has agreed to a share-swap deal with Dunamu, operator of Upbit. The move effectively gives Naver control of Korea’s No.1 crypto exchange and marks its entry into the digital finance and won-pegged stablecoin…
— Wu Blockchain (@WuBlockchain) September 25, 2025
Overseas Expansion Plans Add Global Dimension To Merger Talks
Naver Financial processes annual payment volumes worth 80 trillion Korean won ($58b). In contrast, pairing that scale with Dunamu’s Upbit platform, ranked the No. 1 exchange in Korea and No. 4 globally, could create one of the strongest alliances yet between South Korea’s tech and crypto sectors.
Already, the two companies work together on a won-pegged stablecoin initiative and plan to use the deal as a springboard for overseas expansion. The move is seen as a stepping stone for Naver to become a global fintech player.
If successful, the tie-up would reshape the financial services landscape in South Korea. Currently, Naver Pay is one of the country’s most widely used digital wallets, competing with Kakao Pay, Toss and established banks.
With Upbit’s crypto dominance added, Naver could link payments, shopping, finance and digital assets under one ecosystem.
Market Share Battle Intensifies As Naver Weighs Deal
The timing of the news is notable. Korea Blockchain Week is underway in Seoul, drawing global attention to the nation’s fast-growing crypto sector.
At the same time, earlier this week, Upbit’s rival Bithumb struck a partnership with World Liberty Financial, a crypto venture linked to US President Donald Trump.
For years, Upbit has enjoyed a dominant position in South Korea, holding above 80% of market share in some months since 2022. That dominance has triggered criticism from lawmakers, who argue that Dunamu’s grip on the exchange market risks creating a monopoly.
More recently, market dynamics have shifted. On Sept. 9, Bithumb’s domestic share climbed to 46%. Upbit held 50.6%. As a result, competition has tightened. This raises the stakes for Naver as it seeks control of Dunamu.
Looking ahead, a deeper alliance between Naver and Dunamu would stand out. If completed, it would rank among the most significant M&A deals in South Korea’s fintech space.
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