South Korea’s Naver to Acquire Upbit Exchange, Eyes Stablecoin Push

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Naver Financial, the fintech arm of South Korea’s largest portal Naver is set to acquire Upbit, the country’s largest crypto exchange, through a share-swap with operator Dunamu. 

The move not only gives Naver a direct role in digital asset trading but also gives direct entry into the fast-emerging stablecoin market.

Naver, South Korea’s largest search engine, already dominates online search, email, blogs, maps, and digital payments in the country. Now, with this share-swap deal, it is set to take over Upbit, which is South Korea’s No.1 cryptocurrency exchange and ranks as the world’s fourth-largest exchange by trading volume. 

Reports suggest board approvals for the stock swap will happen soon, formally making Dunamu a subsidiary of Naver Financial.