What happened?
Naver is planning a stock-swap takeover of Dunamu, the operator of the Upbit crypto exchange, to create a combined fintech and crypto powerhouse. Experts estimate the deal could generate around KRW 3 trillion (about $2.1 billion) in annual operating profit and build a stablecoin ecosystem using Dunamu’s GIWA chain. The move would let Naver pair its ad, commerce, and payment services with Upbit’s exchange business to push deeper into crypto.
Who does this affect?
The merger would directly affect Naver and Dunamu shareholders, Upbit users, and employees across both companies. It would also pressure competitors like Kakao, traditional banks, and smaller exchanges that could lose market share to a much larger combined player. Regulators, fintech partners, and anyone relying on e-pay or crypto services in Korea would be impacted as the industry’s power balance shifts.
Why does this matter?
For markets, the deal could lift Naver’s valuation, trigger sector consolidation, and push higher crypto trading volumes and stablecoin use in Korea, which would boost liquidity and token demand. A successful merger would create a major new fintech platform that could list abroad and reshape payment and trading channels, forcing rivals to respond. But legal and regulatory uncertainty means news on approvals or setbacks could move markets sharply and increase volatility around Korean tech and crypto stocks.