South Korea’s strongest Web2 and Web3 merger: the “Korean Google” will acquire the “Korean Binance,” plans to launch a Korean won stablecoin and expand globally.

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According to media reports on Thursday, South Korean internet giant Naver is advancing its acquisition of Dunamu, the operator of the country’s largest cryptocurrency exchange Upbit. This merger will combine the strongest Web2 and Web3 forces in Korea, laying the foundation for the global expansion of its stablecoin project and digital financial business.

According to Yonhap News Agency and Chosun Ilbo on Thursday, citing industry sources, Naver Financial will acquire Dunamu as a subsidiary through a stock swap, and a relevant board meeting will soon be held to approve this equity swap deal. Naver is known as the "Google of Korea" and is the top search engine company in the country, while Dunamu is called the "Binance of Korea."

After the acquisition is completed, Naver Financial plans to launch a won-backed stablecoin project and other digital financial initiatives as significant steps in actively exploring overseas expansion. After the news broke, Naver's share price surged more than 11.4% on Thursday, reaching KRW 254,000 per share.

This merger will create a super platform in Korea’s digital economy, combining Naver’s dominance in internet services such as search and payments with Upbit’s market share in cryptocurrency trading, providing strong momentum for the globalization of Korea’s fintech industry.

If Naver Pay integrates Dunamu’s blockchain wallet "Giwallet," it is expected to combine all financial assets in the future, including stablecoins, tokenized deposits, and tokenized stocks. Together with Naver’s artificial intelligence technology, this platform can offer comprehensive services from asset management to investment.

Korean Digital Giants Join Forces to Build a Complete Digital Financial Ecosystem

As Korea's largest internet company, Naver not only operates the country's top search engine but also provides comprehensive services like email hosting, blogs, maps, and mobile payment processing through its subsidiaries. According to CoinMarketCap data, Upbit Korea is the largest cryptocurrency exchange in Korea by trading volume and user base.

Although Dunamu is not publicly listed, its Upbit exchange ranks fourth globally, with 24-hour spot trading volume reaching USD 2.9 billion. In comparison, the world’s largest exchange Binance records USD 23.8 billion in trading volume.

According to industry insiders cited by the Chosun Ilbo, this collaboration will become a "stepping stone for Naver to become a global fintech company."

This merger will create a complete financial ecosystem covering both traditional payments and crypto-assets. If Naver Pay launches stablecoins, Dunamu can facilitate their circulation through its own blockchain "Wemade" and list them on Upbit, providing domestic and international liquidity for easy exchange with other virtual assets or fiat currencies.

Stablecoin Project Becomes Strategic Focus

After the acquisition, Naver Financial will launch a won-backed stablecoin project, aligning with the overall trend in the Korean financial industry. Eight major Korean banks have already announced in June plans to launch won-pegged stablecoins by the end of 2025 or early 2026.

The Korean government and ruling party are advancing the introduction of won stablecoins, providing an important policy window for the merger of the two companies. With the two US dollar stablecoin giants Tether (USDT) and Circle (USDC) occupying nearly 90% of the global market share, the success of a won stablecoin requires a platform with real application scenarios and the support of market-leading enterprises.

Naver Pay's dominant position in the Korean electronic payment market, combined with Upbit's technological strength and market share in cryptocurrency trading, lays a solid foundation for promoting the won stablecoin.

Rapid Growth of Korea’s Crypto Market

The number of cryptocurrency users in Korea exceeded 16 million in February. Industry estimates that, out of a population of 51 million, Korean crypto users may reach 20 million by the end of the year.

According to online data platform Statista, revenue from the Korean cryptocurrency market is projected to reach USD 1.1 billion in 2025, and grow to USD 1.3 billion by 2026.

Naver reported revenue of over USD 2 billion in the second quarter, with net profit exceeding USD 355 million. While there is still a gap compared with the industry leader Google’s USD 96 billion in revenue in the same period, this acquisition demonstrates Naver’s ambition in the digital finance sector.

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