Naver Plans to Acquire Upbit, Stablecoin Dreams Ahead! Hold On Tight!

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It seems that Naver Financial, the fintech offspring of the South Korean tech behemoth Naver, is determined to stir the crypto pot. According to sources (who presumably enjoy a good game of corporate chess), Naver is all set to acquire Dunamu, the brain behind the country’s biggest crypto exchange, Upbit. And, lest we forget, they’re eyeing a stablecoin project and a deep dive into the digital finance ocean.

How does Naver plan to pull this off? Oh, just a casual share exchange, which will transform Dunamu into a humble subsidiary. The official board meetings to sign off on this delightful transaction are apparently on the horizon. The news comes courtesy of South Korean news outlets Yonhap News and Chosun, who seem to be in the know. Not that Naver and Dunamu are rushing to confirm anything, mind you. It’s almost like they enjoy keeping us all guessing!

But let’s pause for a moment. Naver, often dubbed the “Google of South Korea” (because, of course, it’s never just a “search engine”), dominates the Korean online landscape. They’ve got it all: email hosting, blogs, maps, mobile payments, and, let’s not forget, a cryptocurrency wallet! A true Jack-of-all-trades, right?

Meanwhile, Upbit Korea, which operates under the watchful eye of Dunamu, is South Korea’s largest crypto exchange. So large, in fact, that it seems to be getting its name tossed around more than a beach ball at a summer party. CoinMarketCap confirms it leads the country in trading volume and user base.

Naver Sets Its Sights on Stablecoin Glory

And what comes after acquiring Upbit, you ask? A Korean won-backed stablecoin, of course! Naver Financial is reportedly planning to launch this project as part of its grand quest to expand into the digital finance kingdom. According to Chosun, this collaboration is just the first step toward Naver’s ambition to transform into a global fintech titan. Because, why settle for local when you can aim for worldwide dominance?

In fact, South Korea is getting its crypto act together with big players like eight major banks announcing plans to launch a won-pegged stablecoin by 2025 or 2026. And let’s not forget, the Bank of Korea’s deputy governor Ryoo Sangdai has given the green light to banks being the primary issuers of these stablecoins. It’s like a big crypto party, and everyone’s invited!

The crypto environment in South Korea is looking rosier after President Lee Jae-myung took office. With a fresh set of crypto-related laws in tow, including a bill to legalize stablecoins, it’s clear that the future is digital and Naver plans to surf that wave like a pro.

Naver’s Stock Goes Through the Roof!

If you had Naver stock in your portfolio, congratulations. According to reports, the stock has surged by a nifty 11.4%, currently trading at 254,000 Korean won ($181). Investors are evidently happy with Naver’s latest crypto adventure. It’s like a surprise party, but for stockholders!

For those of you wondering about the financials, Naver reported a solid $2 billion in revenue and a net profit of $355 million for the second quarter. Not quite Google’s $96 billion, but hey, they’re getting there, one crypto wallet at a time.

South Korea’s Crypto Exchange Users Are Skyrocketing

It seems the South Korean public is taking to crypto like a duck to water. With over 16 million users already on board by February, the number of crypto enthusiasts is expected to soar to 20 million by year’s end. Considering the country’s population of 51 million, that’s one impressive uptake!

Looking ahead, the cryptocurrency market in South Korea is projected to rake in a hefty $1.1 billion in 2025, with estimates suggesting a rise to $1.3 billion by 2026. It’s clear that the crypto revolution is well underway. And Naver, it seems, intends to ride this digital wave all the way to the bank.

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2025-09-25 10:35