Naver Moves to Acquire Upbit and Plans Won Stablecoin

Naver Steps Into Crypto
Naver Financial, the fintech arm of South Korea’s tech giant Naver, is preparing to buy Dunamu, the operator of Upbit. Upbit is the country’s biggest crypto exchange. Industry reports say the deal will be done through a share swap, with board approvals coming soon.

Who’s Who
Naver is often called the “Google of Korea.” It dominates search, email, maps, blogs, and mobile payments. Upbit, meanwhile, rules the local crypto scene with the largest user base and trade volume. Globally, it ranks fourth in daily trading.

Stablecoin Ambitions
After the takeover, Naver plans to launch a stablecoin tied to the Korean won. This move could expand its reach into global digital finance. One source told local press the project could be a “stepping stone” for Naver to become a worldwide fintech powerhouse.

Rising Crypto Scene in Korea
South Korea’s banks are already planning their own stablecoins by 2026. The central bank has even shown support. Since President Lee Jae-myung took office, the country has passed laws friendlier to crypto, including stablecoin legalization. Over 16 million locals are already trading crypto. That number could hit 20 million soon—nearly 40% of the population.

Stock Market Reaction
Naver’s stock jumped more than 11% after the news broke, closing around 254,000 won ($181). The company also posted $2 billion revenue in Q2 2024 with $355 million profit. Compared to Google’s massive $96 billion haul, it’s small—but Naver clearly has its eyes on bigger prizes.