The disclosure, submitted to the Financial Supervisory Service, acknowledged that Naver and Dunamu are exploring multiple forms of cooperation. These include a potential share exchange, a won-pegged stablecoin project, and unlisted stock trading services.
However, Naver’s CFO, Hee Cheol Kim, stressed that concrete details will be announced within a month or once a formal agreement is reached.
It noted:
“This deal resembles a scenario where Google acquires Coinbase, the leading crypto exchange.”
According to the report, the potential acquisition goes beyond corporate restructuring, pointing instead to a fundamental shift in how digital assets could be embedded into mainstream finance and technology.
If Naver integrates Upbit’s blockchain infrastructure, the partnership could fast-track the adoption of digital payments nationwide.
Linking with Naver would open new revenue streams from stablecoin usage and transaction fees while easing user onboarding.
Moreover, its crypto sign-ups involve time-consuming identity verification processes. By embedding Naver’s mobile ID service, Upbit could simplify the KYC process for Naver’s 40 million monthly users, lowering barriers and driving growth.
It noted:
“These changes would directly impact Upbit’s user expansion. Upbit currently has 10 million cumulative registered users. When Naver’s 40 million user base combines with a simplified registration process, potential users can join much more easily. This represents a significant opportunity for Upbit to accelerate its user growth rate.”
The potential benefits also reach into culture and capital markets.
Naver Webtoon, which posted $1.35 billion in revenue in 2024 and maintains partnerships with Disney and Marvel, could harness blockchain to tokenize intellectual property, boost creator transparency, and launch community-driven token economies.
In parallel, Naver’s ownership of Poshmark and its unlisted stock trading platform opens paths for stablecoin-based escrow systems, tokenized equity markets, and blockchain-verified ad settlements.
