Upbit founders Song Chi-hyung and Kim Hyoung-nyon became billionaires after selling Dunamu to Naver in a $13.6 billion deal. The acquisition highlights a major corporate play into South Korea’s crypto ecosystem.
Naver Financial will roll out a stablecoin wallet called Silk Pocket in December 2025, developed in partnership with blockchain investor Hashed. The move signals a major Korean internet firm moving deeper into crypto payments and custody.
Dunamu, parent of South Korea’s Upbit exchange, is reportedly exploring a Nasdaq listing after a merger with Naver, a move that could open U.S. investor access to Korea’s crypto market. Details remain preliminary and timing is unclear.
The operator of Upbit and South Korea’s leading payment platform are set to merge, with board approvals expected Wednesday and a public announcement planned for Thursday.
Naver is expected to approve an equity-swap acquisition of Dunamu, operator of crypto exchange Upbit, at its board meeting next week. Dunamu has set a board meeting for Nov. 26, 2025 to finalize the transaction details.