Naver eyes crypto foothold with possible takeover of Upbit operator Dunamu

Choi Ji-won 기자
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Deal could create Korea’s leading stablecoin infrastructure as digital finance competition heats up


Naver headquarters in Seongnam, Gyeonggi Province (Newsis)


Naver, South Korea’s largest internet portal, is in talks to acquire Upbit operator Dunamu, in a move that would give the tech giant a dominant foothold in virtual assets and the country’s fast-emerging stablecoin market.

Reports on Friday said Naver is considering acquiring Dunamu, operator of Korea’s biggest crypto exchange and the world’s fourth-largest by trading volume, to make it a subsidiary.

Both firms declined to comment beyond saying they are “discussing collaborations on various levels,” but local media pointed to a full acquisition by Naver Financial, the conglomerate’s fintech arm, through a comprehensive share swap.

The potential deal would cap months of closer cooperation between the two companies.

Earlier this month, Naver Financial bought a 70 percent stake in Securities Plus Unlisted Co., an unlisted securities trading platform, from Dunamu. The firms have also formalized a partnership in stablecoins, a sector drawing intense interest from tech and finance players as the government accelerates regulatory efforts under the new administration.

Although rules for stablecoins remain undefined, industry insiders liken the Naver-Dunamu alliance to Circle and Coinbase in the US. “Once won-pegged stablecoins are permitted, Naver should act as the issuer, like Circle, with Dunamu distributing them through Upbit, similar to Coinbase,” one insider said.

Analysts expect the combination of Naver Financial’s nationwide payments network and Dunamu’s dominant blockchain expertise to form Korea’s leading stablecoin infrastructure.

“Their won-pegged stablecoin has the strongest survival prospects,” said Lim Hee-seok, analyst at Mirae Asset Securities. “If launched, it could expand from about 1 trillion won ($707.6 million) in 2028 to 5 trillion won by 2030, capturing more than half of the domestic market,” he said, citing forecasts for a 33 trillion won local stablecoin market by 2030, with won-denominated tokens making up roughly 10 trillion won.

Naver already dominates the local easy-payments market, with Naver Pay generating 1.65 trillion won in revenue and 80 trillion won in transactions last year, supported by its vast user base and integration with Naver Shopping’s e-commerce platform.

But as digital finance evolves, Naver has lacked a presence in virtual assets. Stablecoins have emerged as a future driver of payments and money flows, prompting Naver to make its move.

In June, Naver Financial CEO Park Sang-jin announced the company’s entry into the market, saying, “Won-pegged stablecoins will become a key medium for connecting users across borders in the future of digital finance.”

“Naver Pay, the nation’s largest payment ecosystem, is backed by robust digital finance technology, including a Web3-based digital asset wallet, and is poised to take a leading role,” he added.

Upbit logo seen at Dunamu headquarters in Gangnam, southern Seoul. (Newsis)


Bringing Dunamu under its umbrella is expected to give Naver a sharp boost to earnings. Dunamu posted 1.73 trillion won in revenue last year, with operating and net profits of 1.19 trillion won and 983.7 billion won, far above Naver Financial’s 103.5 billion won and 162.3 billion won.

Dunamu’s valuation also exceeds Naver Financial’s, trading near 11 trillion won in the over-the-counter market, while Naver Financial is generally valued below 10 trillion won. Some analysts argue Naver Financial’s value should be benchmarked against Kakao Pay, whose market cap stands at 7.5 trillion won on the Kospi.

“The digital payment industry, including Kakao Pay, has seen a sharp rebound in valuations this year,” said Oh Dong-hwan, analyst at Samsung Securities. “Given Naver Pay’s market share and revenue are roughly double Kakao Pay’s, its valuation should be assessed at about twice Kakao Pay’s market value.”

NH Investment & Securities analyst Ahn Jae-min offered a similar view, valuing Naver Financial at about 13.6 trillion won and Dunamu at 14 trillion won, including a management premium. “That implies a stock-swap ratio of roughly 1:0.93, giving Naver about a 38 percent controlling stake in the combined entity, which we estimate at around 28.5 trillion won,” Ahn said.

While the deal is viewed as a win for Naver, some Dunamu investors were disappointed. The exchange has been expanding rapidly, ranking No. 1 in Korea and No. 4 globally by trading volume, despite serving mostly domestic retail users. Expectations had been high for faster growth as regulations advance, corporate clients join and global expansion begins.

In response, Naver shares rose Thursday on the news, while Dunamu’s over-the-counter price fell 11 percent.

The merger also clouds prospects for a potential US listing. Dunamu CEO Lee Seok-woo said in March the firm was “waiting for the right moment to secure a fair valuation,” while CFO Nam Seung-hyun had floated the idea of a Nasdaq debut.

Whether Naver Financial itself will pursue a listing remains uncertain. A local initial public offering is seen as unlikely due to concerns over redundant listings with its parent company, while a US debut — following the path of Naver Webtoon’s Nasdaq listing — would require establishing a US-based entity operating independently from the Seoul headquarters.

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