What will happen when South Korea's largest portal site acquires the country's largest exchange?

Source: Tiger Research; Translated by Golden Finance

Key Points of This Article:

• The possibility of Naver acquiring Upbit operator Dunamu has surfaced and attracted industry attention. This would be a significant deal on the level of Google's acquisition of Coinbase.
• The synergy mainly focuses on three aspects. Naver's 40 million users can simplify the Upbit registration process. Stablecoins can enhance the payment efficiency of Naver Commerce. Naver Webtoon IP can create new blockchain revenue models.
• Both companies have denied these reports, but they have begun collaborating in stablecoins and other fields. They view cryptocurrency as a core strategy. Integration is likely to occur.

1. The South Korean cryptocurrency market is about to undergo significant changes.

On September 25, 2025, there were rumors that Dunamu, which operates South Korea's largest cryptocurrency exchange Upbit, may join the Naver Group. Dunamu would become a wholly-owned subsidiary of Naver Financial, the financial subsidiary of Naver. This would create a vertical group structure.

Previously, the two companies announced plans to collaborate in several areas, including stablecoin business. However, the news of Naver acquiring Dunamu, valued at 12 trillion won, shocked the industry. This transaction is similar to Google's acquisition of the cryptocurrency exchange Coinbase.

Both companies have officially denied these reports, stating that "nothing is confirmed yet." However, the potential merger of these two giant companies is worth analyzing. We should study the changes and ripple effects that this situation might bring. This article will explore which business areas could generate synergies if the Naver-Dunamu merger is successful.

2. What synergies can be generated by Naver x Dunamu?

To understand the synergy between Naver and Dunamu, we first need to understand the corporate characteristics of Naver. Naver is a leading large tech company in South Korea. It started with a search engine and now its business spans various industries. The company has built its own ecosystem, covering e-commerce (Naver Shopping), convenient payment (Naver Pay), and content platforms (Naver Webtoon).

Source: Naver 2024 Comprehensive Report

If Dunamu were just a cryptocurrency exchange, the cooperation between the two companies would be limited. However, Dunamu recently announced the launch of the Optimism-based Layer 2 blockchain GIWA Chain. This indicates that Dunamu is transforming from a simple exchange into a blockchain infrastructure company. Blockchain infrastructure can naturally integrate with various industries.

The vast business areas of Naver and the infrastructure capabilities of Dunamu are perfectly aligned. This alignment is the reason why their strong partnership is highly anticipated.

Scenario 1: User Group Expansion

The most obvious synergy between the two companies is the expansion of their user base. Naver has about 40 million monthly active users (MAU). The company provides digital identity verification infrastructure in its applications, including simple login services and mobile identity recognition services (such as ID cards and driver's licenses).

Source: Upbit

Currently, the registration process for cryptocurrency exchanges is quite complicated. Users must go through multiple steps: identity verification, taking a photo of their ID, and linking a bank account. These cumbersome procedures have become a major obstacle to acquiring new users. However, if Naver integrates with Upbit, the situation will change dramatically. Users can easily register and log in using their Naver ID. Additionally, the company can leverage Naver's mobile ID service to significantly simplify the KYC (Know Your Customer) process.

These changes will directly impact Upbit's user expansion. Upbit currently has a total of 10 million registered users. Naver's 40 million user base, combined with a simplified registration process, will enable potential users to join more easily. This presents an important opportunity for Upbit to accelerate user growth.

Scenario 2: The Revolution of Stablecoin Payments

Source: Naver 2024 Integrated Report

The next area worth paying attention to is stablecoins. Naver has officially announced its entry into the stablecoin market. The company may issue stablecoins centered around GIWA Chain. The key lies in Naver's massive payment ecosystem. Naver Pay has 30.68 million users (as of 2025). Naver Shopping's annual transaction volume is approximately 50.3 trillion won (as of 2024).

If stablecoins are introduced into this large-scale payment ecosystem, the two companies are expected to generate significant synergies. Naver can reduce existing credit card fees and improve profitability. In addition, the company can greatly enhance the efficiency of the settlement process. Furthermore, it is expected that 10 million cryptocurrency investors will flock to Naver Pay.

Dunamu can also gain lucrative income opportunities. The company can obtain blockchain fees generated on the GIWA chain and can also earn transaction fees from stablecoin payment services. Stablecoins and cryptocurrencies have yet to become mainstream payment methods. Merchants need liquidity when receiving stablecoins and converting them into cash. In this process, exchange infrastructure is crucial. Upbit is likely to play this role (starting in 2025, the Financial Services Commission will allow the sale of cryptocurrencies within licensed exchanges).

Naver Pay Connect, Source: Naver Pay

When Naver Pay and Upbit integrate, they will gain distinctly different competitive advantages. Considering Naver's recent launch of the offline payment terminal "Naver Pay Connect", they can build an integrated ecosystem. This ecosystem will seamlessly connect all online and offline payments through stablecoins. This will bring about a competitive advantage that is entirely different from the existing payment ecosystems.

Scenario Three: Content IP Innovation

Source: Naver Webtoon

Finally, it is worth noting the potential integration of the Naver content ecosystem with blockchain. Naver Webtoon has produced numerous popular webcomics, including "Tower of God," "Sweet Home," and "Hero Mask." These works have been adapted into TV dramas and movies, gaining a large fan base worldwide. Naver Webtoon's revenue is projected to reach approximately $1.35 billion in 2024, and it continues to grow.

Source: Naver 2024 Comprehensive Report

Naver Webtoon basically allows creators to own their IP, but the platform holds usage rights or exclusive rights according to the terms of the contract. If Dunamu's GIWA chain integrates with this framework, it can enhance the transparency of IP usage and innovate secondary creation and revenue distribution models. In addition, new models will also become possible, such as token economies based on fan communities and on-chain IP assets.

Source: Naver Webtoon

Naver Webtoon has recently been expanding its collaboration with global IP companies such as Disney and Marvel. Disney provides the IP, while Naver Webtoon is responsible for the platform's development and operation. The new platform will bring together Disney's rich collection of comic IPs. This means that Naver Webtoon not only has the foundation to handle its own IPs but also the foundation to manage global super IPs. As a result, the monetization methods in the content industry are expected to achieve a leap through the integration with blockchain.

3. Blockchain Expands Naver's Business Scope

Naver's platform ecosystem goes far beyond what we discuss here. Blockchain technology can be integrated in various ways with Naver's existing value chain, thereby adding new functionalities and value, and even extending into completely different fields.

For example, Poshmark, the largest second-hand trading platform in North America acquired by Naver in 2023, can utilize the programmable payment features of stablecoins to implement a custody system. Naver's search advertising business can enhance transparency through blockchain-based settlement. The live streaming service Chzzk can try to convert audience engagement into a token reward model.

Source: Securities Plus Unlisted

It is particularly worth mentioning that Naver Pay has acquired the unlisted stock trading platform "Securities Plus Unlisted". Combined with Dunamu's GIWA Chain, it will open up practical scenarios that significantly enhance liquidity and accessibility through the tokenization of unlisted stocks.

Although Naver and Dunamu have drawn clear boundaries in terms of subsidiary integration, both sides have begun cooperating in multiple areas. Importantly, both companies now view the cryptocurrency industry as a strategic core pillar and have started to engage comprehensively. The industry is closely watching how the merger of these two companies will be realized, and what new blockchain services will emerge in the process.