South Korea’s Naver Set to Merge with Crypto Giant Dunamu, Signaling Big Move Into Fintech
South Korea’s tech giant Naver is poised to expand its footprint in the cryptocurrency and fintech space through a planned acquisition of Dunamu Inc., the operator of the country’s leading crypto exchange, Upbit. Industry sources say both companies’ boards are expected to approve the deal as a stock swap next week.
Under the proposed structure, Dunamu would become a subsidiary of Naver Financial, with Naver itself acting as the parent company. Dunamu’s founder, Song Chi-hyung, is expected to become the largest shareholder of the merged entity, with Naver taking the second-largest stake. Analysts estimate the stock swap ratio will fall between one Naver share for every three to four Dunamu shares.
The merger would combine Naver’s digital ecosystem — including payments, e-commerce, and content platforms — with Dunamu’s dominant cryptocurrency trading network, giving the new company access to over 30 million Naver payment users. Regulators have reportedly indicated the merger complies with South Korea’s rules on tech-finance integration, clearing the way for a relatively swift approval process.
If completed, the merger would mark one of the largest fintech consolidations in Asia, positioning the combined company as a major player in cryptocurrency and digital finance, while signaling the growing convergence of traditional tech platforms and blockchain-based services.
