Naver Monetary, the fintech arm of South Korean tech conglomerate Naver, is reportedly forging forward with a plan to accumulate Dunamu, which operates the nation’s largest crypto alternate, Upbit, amid plans for a stablecoin undertaking and enlargement into the digital finance sector.
Naver will purchase Dunamu by making it a subsidiary through a share alternate, and board conferences to approve the inventory swap will occur quickly, South Korean information companies Yonhap Information and Chosun reported on Thursday, citing trade sources.
Naver and Dunamu didn’t instantly reply to a request for remark.
Naver is usually referred to as the “Google of South Korea,” and is the highest search engine within the nation. The corporate additionally has an electronic mail internet hosting service, blogs, maps and a cellular cost processor by means of its subsidiaries.
Upbit Korea is the largest crypto exchange in South Korea when it comes to buying and selling quantity and buyer base, according to CoinMarketCap.
Naver eyes stablecoin undertaking
Following the acquisition, Naver Monetary will reportedly launch a Korean won-backed stablecoin project, together with different digital finance initiatives, as a part of its bid to actively discover abroad enlargement.
Chosun, citing an trade supply, reported that the “collaboration will function a stepping stone to changing into a world fintech firm.”
Eight main South Korean banks already announced plans in June to launch a stablecoin pegged to the nation’s gained forex in late 2025 or early 2026, whereas Financial institution of Korea deputy governor Ryoo Sangdai voiced support for banks being the first issuers of stablecoins within the nation earlier than step by step increasing to different sectors.
The crypto trade in South Korea has benefited from a friendlier atmosphere after the election of President Lee Jae-myung in June, who has since pushed ahead with varied crypto-related legal guidelines, together with a bill to legalize stablecoins.
Naver inventory spikes greater on stories
This isn’t the web big’s first foray into the crypto area; it launched a crypto wallet, Naver Pay Wallet, in partnership with the sport-focused blockchain Chiliz in August 2024.
Naver’s inventory (KRW) has reacted positively to stories of its newest crypto enterprise, leaping over 11.4% to commerce at $181 (254,00 Korean Received).
Within the second quarter, the conglomerate reported a income of over $2 billion and internet revenue of greater than $355 million, compared to trade chief Google’s income of $96 billion in the identical timeframe.
Crypto alternate customers are rising in South Korea
Dunamu isn’t a publicly traded firm, however CoinMarketCap information lists Upbit as the biggest alternate in South Korea and the fourth largest globally, with $2.9 billion in 24 spot buying and selling quantity. Whereas the biggest, Binance, has a quantity of $23.8 billion.
Associated: South Korea caps crypto lending rates at 20%, bans leveraged loans
Crypto alternate users in South Korea surpassed 16 million in February after receiving a lift from US President Donald Trump’s election win final November, and are alleged to probably hit 20 million by the top of the 12 months, in another country’s 51 million individuals.
The cryptocurrency market in South Korea is projected to achieve a income of $1.1 billion in 2025, according to on-line information platform Statista, and develop to $1.3 billion by 2026.
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