Ahmet Bedirhan Arvas 
As South Korea is crypto market continues to make headlines, Naver is now taking a significant step toward Upbit, the country’s largest cryptocurrency exchange. A merger plan based on a stock swap with Dunamu, the company behind Upbit, is currently on the agenda.
This move positions Upbit to evolve beyond a simple crypto exchange and become the core of a much larger digital finance ecosystem — a major goal behind the new structure being proposed.
What Is The Naver?
Naver is far more than an ordinary search engine. It is a comprehensive online service ecosystem deeply integrated into the daily lives of South Koreans. Founded in 1999, Naver has become the dominant search portal in South Korea, surpassing global giants like Google in the local market.
What Is a Stock Swap Acquisition?
Naver’s fintech branch, Naver Financial, is currently holding merger talks with Dunamu through a stock exchange agreement. The deal is referred to as a “comprehensive stock swap.” With this structure, Dunamu could become a 100% subsidiary of Naver Financial. The stock swap ratio is estimated to be between 1 Dunamu share for 3 to 4 Naver Financial shares.
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What Are the Transformation Goals?
One of the primary motivations is to create a stablecoin pegged to the South Korean Won, aiming to secure a significant position in the crypto market. With the integration of Naver Pay and Upbit’s infrastructure, this new stablecoin is expected to be used across both payment and trading environments, making it a central instrument for transactions.
According to various analyst reports, the stablecoin sector alone could generate up to 300 billion Won annually by 2030. In other words, Naver envisions transforming itself not just into a search or content platform, but into a powerful “super app” that combines crypto payments and trading.
Upbit’s liquidity base and crypto trading volume could significantly support Naver’s payment and e-commerce activities. This merger could enable Naver to compete much more aggressively with both local and global rivals in the digital finance space.
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