According to reports, South Korean tech giant Naver's financial technology subsidiary, Naver Financial, is planning to acquire Dunamu, the operator of South Korea's largest cryptocurrency exchange, Upbit, and intends to launch a stablecoin project pegged to the Korean won, further expanding its digital finance sector.
According to South Korean news agency Yonhap and Chosun Ilbo, citing industry insiders, Naver will acquire Dunamu through a share swap, making it a subsidiary. A related board meeting is set to be held soon to approve the share exchange.
Naver is often referred to as "the Google of South Korea" and is the country's largest search engine. The company also provides email hosting, blogging, mapping, and mobile payment services through its subsidiaries.
According to CoinMarketCap data, Upbit is the largest cryptocurrency exchange in South Korea in terms of trading volume and customer base.
Once the acquisition is completed, Naver Financial is reportedly set to launch a stablecoin project pegged to the Korean won and undertake other digital finance initiatives as part of its active exploration of overseas expansion.
According to Chosun Ilbo, citing industry insiders, "This collaboration will serve as a springboard towards becoming a global fintech company."
The eight major banks in South Korea announced in June plans to launch a stablecoin pegged to the Korean won by the end of 2025 or early 2026. According to Ryoo Sangdai, Deputy Governor of the Bank of Korea, banks will support the issuance of the country's stablecoin as the main issuer, with plans to gradually expand to other industries in the future.
Since the election of President Lee Jae-myung in June, the South Korean cryptocurrency industry has benefited from a more favorable environment, as he has pushed for several cryptocurrency-related laws, including legislation to legalize stablecoins.
This is not the first time the internet giant has ventured into the cryptocurrency space; in August 2024, Naver partnered with sports-focused blockchain Chiliz to launch the Naver Pay Wallet.
Following the latest news on its cryptocurrency business, Naver's stock price surged by 11.4% to $181 (254,000 KRW).
In the second quarter of this year, the group's revenue exceeded $2 billion, with a net profit of over $355 million; during the same period, industry giant Google reported revenue of $96 billion.
According to CoinMarketCap data, Dunamu is not a publicly listed company, but Upbit is the largest exchange in South Korea and ranks fourth globally, with a daily trading volume of $2.9 billion.
In February of this year, the number of users on South Korean cryptocurrency exchanges surpassed 16 million. Boosted by the election of U.S. President Trump in November last year, it is expected to reach 20 million by the end of the year, representing a portion of the country's 51 million population.
According to online data platform Statista, South Korea's cryptocurrency market is expected to generate $1.1 billion in revenue by 2025, growing to $1.3 billion by 2026.
Related: Ethereum at a critical moment: ETH price pattern breaks, $4,000 becomes the last line of defense.
Original article: “Reports say South Korean internet giant Naver plans to acquire Upbit, focusing on a stablecoin project pegged to the Korean won”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
