Naver Bets on Crypto With Surprise Dunamu Takeover (Image courtesy of Yonhap)
SEOUL, Sept. 30 (Korea Bizwire) — Naver Corp.’s sudden move to acquire Dunamu, operator of the global cryptocurrency exchange Upbit, has sent shock waves through South Korea’s technology sector, raising questions about the search giant’s long-term strategy and corporate governance.
The deal, announced six months after founder Lee Hae-jin’s return as chairman of Naver’s board, is widely seen as a sign that the company is seeking new growth drivers beyond its core shopping and search businesses, where it has struggled to match global rivals in artificial intelligence.
Under the agreement, Naver Financial, the company’s fintech arm, will swap shares with Dunamu, making the crypto exchange a subsidiary and, in turn, a grandchild company of Naver.
Once completed, Dunamu chairman Song Chi-hyung will become the largest shareholder of Naver Financial, with Naver likely to be the second-largest.
The merger combines the world’s third-largest cryptocurrency exchange with South Korea’s leading fintech platform, a pairing that analysts say could accelerate the creation of a won-based stablecoin ecosystem and position Naver for a broader push into digital finance.
Industry observers expect Naver Financial to handle issuance while Upbit manages trading and distribution.
The move could also reshape Naver’s leadership. Lee and Song, both Seoul National University alumni with longstanding ties, are seen as potential co-architects of the group’s next chapter.
Analysts have speculated that Song could eventually emerge as Naver’s largest shareholder, positioning him as a co-manager alongside Lee.
The deal underscores Naver’s willingness to gamble big after years of cautious expansion. “This is the boldest strategic decision since Lee’s return,” one industry insider said, noting that it could redefine not only Naver’s business model but also its governance structure.
Kevin Lee (kevinlee@koreabizwire.com)
