Naver to Acquire Dunamu, Operator of Upbit... Major Shift in the Stablecoin Ecosystem

Potential for Easy Payments and Virtual Asset Operations

Naver is set to acquire Dunamu, the operator of Upbit, South Korea’s leading virtual asset exchange. Naver Financial, Naver’s financial subsidiary, will incorporate Dunamu as a subsidiary through a comprehensive stock swap. Once the transaction is completed, industry observers expect that Naver, the nation’s largest big tech company, will further expand its virtual asset business.

According to industry sources on September 26, Naver Financial plans to issue a large volume of new shares in exchange for all shares currently held by Dunamu’s existing shareholders. Both parties intend to finalize the exchange ratio negotiations and then convene their respective boards of directors to approve the proposal.

Dunamu’s shareholders include Chairman and Board Chair Song Chi-hyung (25.5%), Vice Chairman Kim Hyung-nyeon (13.1%), Kakao Investment (10.6%), Woori Technology Investment (7.2%), and Hanwha Investment & Securities (5.9%). Naver Financial’s largest shareholder is Naver, which holds approximately 75% of its shares, including convertible preferred shares.

The emergence of stablecoins is believed to be the decisive factor behind Naver’s partnership with Dunamu. Industry analysts note that discussions accelerated as the possibility of issuing a Korean won-based stablecoin became more likely.

In particular, it is reported that the vision for this partnership became more concrete after Naver founder and Board Chair Lee Haejin returned to management in March.

If this deal goes through, it is expected to be a watershed moment that could reshape the domestic virtual asset market and the digital finance industry.

Industry sources say that Naver Financial, Naver’s financial subsidiary, processes annual transactions worth approximately 80 trillion won. If Naver and Dunamu jointly issue a Korean won-based stablecoin, it is anticipated that it could be immediately applied to large-scale transactions.

After the transaction, the process of obtaining approval for the change in major shareholders from the Financial Intelligence Unit (FIU) will likely be required.

The previous day, Naver announced, “Naver Financial is discussing various forms of cooperation with Dunamu, including stablecoins, unlisted stock trading, and a potential stock swap,” adding, “No decisions have been made regarding additional areas or methods of cooperation.”