Internet conglomerate Naver is set to acquire leading South Korean cryptocurrency exchange Upbit, according to industry reports. The acquisition will place Upbit's parent company Dunamu under Naver Financial's corporate structure, transforming Dunamu into a complete subsidiary of Naver's financial division.
Upbit ranks among South Korea's largest digital asset trading platforms, operating in one of Asia's most crypto-progressive markets. Naver dominates South Korea's internet services sector with platforms including Naver Pay, its flagship payment solution.
Transaction details indicate a stock swap arrangement where Naver Financial will issue new equity in the cryptocurrency exchange for Dunamu's existing shares. Following acquisition rumors, Naver's stock price surged approximately 7% to 246,000 Korean won ($175).
This corporate movement coincides with the South Korean government's initiative to develop a regulatory framework for won-denominated stablecoins. Neither Naver nor Dunamu provided immediate commentary regarding the transaction.