Naver Financial to Acquire Dunamu Through Full Share Swap
Naver’s planned acquisition of Dunamu through a stock swap deal, which will integrate Upbit into its fintech strategy, signals growing convergence between traditional finance and cryptocurrency in South Korea.
Naver Financial, a subsidiary of South Korea's internet giant Naver, is set to acquire Dunamu, the operator of the Upbit cryptocurrency exchange, through a stock swap deal valued at approximately $6 billion. This acquisition reflects Naver’s ambition to integrate digital assets into its broader fintech strategy, expanding its presence in the financial technology and Web3 sectors. The deal also raises regulatory concerns about the separation between traditional finance and virtual assets, especially as Dunamu’s chairman is expected to become Naver’s largest shareholder.
- Share Swap: A corporate acquisition method where one company issues its own shares to acquire shares of another company.
- Upbit: A major South Korean cryptocurrency exchange operated by Dunamu.
- Stablecoin: A type of cryptocurrency pegged to a stable asset, such as a national currency, to minimize price volatility.