Upbit’s Potential Takeover by Naver Signals Super App Revolution For South Korea

TLDR:

• Market: South Korea’s largest crypto exchange, Upbit, could be sold by Naver after its stock rose by 11.6% to 255,000 won ($181 USD) on September 25th, 2025, but there is no crypto market cap.
• Narrative: Naver’s speculative stock swap with Dunamu may give rise to a first-of-a-kind financial blockchain super app combining Naver Pay, Upbit, and the KRW1 stablecoin on Avalanche.

A seismic shift is imminent come September 25, 2025, in South Korea’s crypto market as Naver, the “Google of Korea,” is set to Acquire Upbit—the largest crypto exchange of the country—through its holding company Dunamu. The possible buyout that Bloomberg reportedly cited could redefine the market as Naver’s stock surged by a stunning 11.6% to 255,000 won ($181 USD) by 12:45 PM, Google Finance noted. The buyout agreement, if signed, goes way beyond a typical buyout by establishing a first-of-a-kind financial blockchain super app for South Korea.

This visionary transformation is the basis of the story. One of Asia’s leading crypto market pillars, Upbit, could integrate Naver Pay’s payment strength and Avalanche’s recently introduced KRW1 stablecoin into a seamless trading, payment, and digital asset storage ecosystem. Naver Financial’s planned stock swap involves its issue of new shares to buy Dunamu’s shares, transforming Dunamu into a 100% subsidiary and bringing stakeholders such as Chairman Song Chi-hyung and investors such as Kakao Investment on board. This step leverages South Korea’s restrictive but progressive crypto laws while driving an integrated asset regime comprising won-pegged stablecoins.

Expert analysis indicates a super app potential with Naver Pay direct linkage to Upbit and KRW1 gaining ground through Naver’s user base and Dunamu’s GIWA Chain (a Layer-2 Optimistic Rollup) and GIWA Wallet with KYC/AML. Though there’s no confirmation whatsoever—Naver indicates an intent at exploring options, while Dunamu affirms discussions but no agreement—speculation gets investors excited. Investors need to watch for regulatory progress and stock price actions with close attention paid towards this crypto-financial potential union.

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