Tech Giant Naver Set To Acquire Upbit, Korea’s Largest Exchange, in Super App Push

Naver Financial moves to acquire Upbit in a landmark share swap, aiming to launch South Korea’s first crypto-powered super app. | Credit: Getty Images.

Key Takeaways

Naver Financial, the fintech arm of South Korea’s largest portal, is set to acquire Upbit through a share swap. The deal would give Naver control of Korea’s top crypto exchange and expand its reach into digital finance and stablecoins. The companies plan to build a “super app” combining crypto trading with e-commerce, payments, and other services.

South Korea’s largest internet company, Naver, is preparing to take full control of Upbit, the country’s biggest cryptocurrency exchange, in a move that could redefine the nation’s financial landscape.

According to Korean press reports on Sept. 25, the acquisition, now in its final stages, is structured as a stock swap between Naver Financial and Dunamu, Upbit’s operator.

Once finalized, Dunamu would become a wholly owned subsidiary of Naver Financial, cementing the tech giant’s entry into crypto and digital payments.

A Strategic Stock Swap

Unlike a traditional cash buyout, the transaction is designed as a share swap, giving Naver ownership of Dunamu without an immediate capital outlay.

Both companies have already formed task forces to finalize terms, including the valuation ratio for Dunamu’s unlisted shares. Formal board approval is the final step before closing the deal.

The agreement would mark a historic convergence of South Korea’s tech and crypto sectors—akin to Google acquiring Coinbase in the United States.

Building Naver’s Crypto-Powered Super App

At the heart of the deal is Naver’s ambition to create a “super app” that integrates its vast ecosystem—spanning e-commerce, payments, maps, email, and search—with Upbit’s crypto trading infrastructure.

Such an integration could allow users to move easily between shopping, payments, and digital assets, positioning Naver as a leading global fintech player.

The partnership also lays the groundwork for a won-pegged stablecoin initiative, a project both firms have been exploring.

By leveraging Upbit’s crypto expertise and Naver’s consumer reach, the companies aim to drive adoption at home and expand internationally.

One industry insider described the collaboration as “a stepping stone to becoming a global fintech company.”

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