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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] Naver has officially announced its plan to integrate Dunamu, the operator of Upbit—South Korea’s largest cryptocurrency exchange—marking a major step toward becoming a global financial platform.
On the 26th, Naver disclosed that the boards of Naver Financial and Dunamu each approved a comprehensive share swap. Under the agreement, Naver Financial will issue new shares to Dunamu shareholders in exchange for all outstanding Dunamu shares. The exchange ratio has been set at 1 to 2.54, meaning one Dunamu share will be swapped for 2.54 Naver Financial shares, based on each company’s valuation and outstanding shares.
The merger combines Naver Financial, valued at approximately KRW 5 trillion, with Dunamu, valued at KRW 15 trillion, forming a KRW 20 trillion financial platform—one of the largest in the Korean market. Industry observers view this move as reflecting the strategic intent of Naver founder Lee Hae-jin, who has emphasized global expansion and technology-driven innovation. The company also points to Rakuten’s successful acquisition of a cryptocurrency exchange in Japan as a comparable precedent.
Naver stated, “In the era of digital transformation powered by AI, blockchain, and payment infrastructure technologies, the two companies will embark on a new global challenge in digital finance.”
Industry analysts expect significant synergies in next-generation payment innovation. As AI accelerates change in financial systems, market attention is shifting toward stablecoin-based payment architectures. Dunamu’s expertise in blockchain and digital assets is expected to play a pivotal role in building Naver’s next-generation payment infrastructure.
According to Ji-eun Lee, analyst at Daishin Securities, “This transaction suggests that the two companies intend to accelerate the development of a domestic KRW-based stablecoin ecosystem. Their strategy appears to involve issuing a stablecoin, integrating it with Naver Pay, and expanding real-world payment use cases.”
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
