Naver Financial, the fintech arm of South Korean conglomerate Naver, plans to acquire Dunamu, the operator of Upbit crypto exchange. Naver aims to launch a stablecoin project and expand into digital finance. Upbit Korea is the largest exchange in South Korea by trading volume and customer base.

Naver Financial plans to launch a Korean won-backed stablecoin project post-acquisition. Eight major South Korean banks also announced plans for a stablecoin pegged to the country’s currency. President Lee Jae-myung’s election in June has led to a friendlier crypto environment in South Korea.

Naver’s stock surged over 11.4% after news of acquiring a crypto exchange. In Q2, Naver reported over $2 billion in revenue and $355 million in net profit. Upbit is listed as the largest exchange in South Korea and the fourth largest globally.

Crypto exchange users in South Korea exceeded 16 million in February and may hit 20 million by year-end. The South Korean cryptocurrency market is expected to generate $1.1 billion in revenue in 2025, growing to $1.3 billion by 2026.

Read more at Cointelegraph: Naver to Acquire Upbit Operator Dunamu in Stock Swap Deal