South Korean tech giant Naver Corp. has acquired Dunamu Inc., the operator of the country's largest cryptocurrency exchange Upbit, in an all-stock transaction valued at approximately $10.27 billion (15.13 trillion won). This landmark deal, finalized in late November 2025, has propelled Upbit's co-founders Song Chi-hyung and Kim Hyoung-nyon into the billionaire club.
Song Chi-hyung, who held a 19% stake in Dunamu, is set to receive shares worth around $2.7 billion in the merged entity, while Kim Hyoung-nyon's 10% stake translates to about $1.4 billion. The combined company is valued at $13.6 billion, positioning both founders among the world's wealthiest crypto entrepreneurs, alongside figures like Binance's Changpeng Zhao and Tron's Justin Sun.
Dunamu was founded in 2012 by Song and Kim after their tenure at payments group Danal. With early backing from Kakao, they launched Upbit in 2017, leveraging integration with KakaoTalk, South Korea's dominant messaging app, to drive rapid adoption. Upbit now commands an estimated 70-72% of South Korea's crypto trading volume, handling around ₩4.6 trillion ($3.4 billion) daily in the first half of 2025. Globally, it accounts for nearly 5% of spot trading, up from 1.4% in early 2021, with 5 to 8 million active users.
The acquisition underscores the growing institutional interest in digital assets, with Naver Financial, Naver's fintech division, merging with Dunamu to create a powerhouse in crypto and mobile payments. Song announced plans to invest $6.8 billion over the next five years in AI and blockchain technology to build next-generation financial infrastructure. Kim emphasized the arrival of the tokenization era in Korea, highlighting the country's readiness to lead in the borderless digital asset market.
Analysts view this deal as a transformative move for South Korea's crypto landscape. Douglas Kim of SmartKarma noted that the merger enables Naver and Upbit to compete globally with fintech giants like PayPal, Stripe, and Coinbase. The consolidation could further tighten Upbit's grip on the Korean market, where it already faces competition from rivals like Bithumb.
