Naver Eyes Blockbuster Acquisition: South Korean Tech Giant Weighs Move for Upbit Operator Dunamu
South Korea's internet behemoth makes power play for crypto dominance.
STRATEGIC GAMBIT
Naver positions itself at the forefront of Web3 convergence—leveraging Dunamu's established exchange infrastructure to bypass traditional finance gatekeepers. The potential acquisition signals tectonic shifts in Asian digital asset markets.
MARKET IMPLICATIONS
Upbit's existing user base represents immediate scale—while regulatory hurdles remain the elephant in the room. Legacy financial institutions watching this move are probably updating their LinkedIn profiles as we speak.
INDUSTRY CONVERGENCE
Tech giants finally acknowledge what crypto natives knew years ago: blockchain infrastructure beats legacy systems every time. The move could trigger similar acquisitions globally—if regulators don't spoil the party first.
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.
