Superapp merger talks to route 30M shoppers to Upbit sparking fee collapse
Naver Financial, the fintech arm of South Korea’s largest search engine, is weighing a possible share-swap settlement with Dunamu, the operator of Upbit.
Earlier immediately, experiences from native shops advised that the talks had already superior into merger territory, however Naver’s regulatory filing clarified that no binding phrases have been confirmed.
The disclosure, submitted to the Financial Supervisory Service, acknowledged that Naver and Dunamu are exploring a number of types of cooperation. These embody a possible share alternate, a won-pegged stablecoin challenge, and unlisted inventory buying and selling providers.
However, Naver’s CFO, Hee Cheol Kim, careworn that concrete particulars shall be introduced inside a month or as soon as a proper settlement is reached.
Potential advantages for South Korea’s crypto ecosystem
A report from Tiger Research means that any settlement between Naver and Dunamu would reshape South Korea’s crypto financial system.
It famous:
“This deal resembles a situation the place Google acquires Coinbase, the main crypto alternate.”
According to the report, the potential acquisition goes past company restructuring, pointing as a substitute to a basic shift in how digital property may very well be embedded into mainstream finance and expertise.
If Naver integrates Upbit’s blockchain infrastructure, the partnership may fast-track the adoption of digital funds nationwide.
Naver Pay already serves over 30 million customers and handles tens of trillions of received in annual buying transactions. Introducing a won-backed stablecoin into this technique would minimize card processing prices, streamline settlements, and appeal to hundreds of thousands of crypto traders immediately into Naver’s cost ecosystem.
For Dunamu, the deal would offer each scale and utility. The firm not too long ago unveiled GIWA Chain, an Optimism-based Layer 2 network designed to increase its position from alternate operator to blockchain infrastructure supplier.
Linking with Naver would open new income streams from stablecoin utilization and transaction charges whereas easing consumer onboarding.
Moreover, its crypto sign-ups contain time-consuming identification verification processes. By embedding Naver’s cell ID service, Upbit may simplify the KYC course of for Naver’s 40 million month-to-month customers, decreasing limitations and driving progress.
It famous:
“These modifications would immediately affect Upbit’s consumer growth. Upbit presently has 10 million cumulative registered customers. When Naver’s 40 million consumer base combines with a simplified registration course of, potential customers can be a part of far more simply. This represents a big alternative for Upbit to speed up its consumer progress charge.”
The potential advantages additionally attain into tradition and capital markets.
Naver Webtoon, which posted $1.35 billion in income in 2024 and maintains partnerships with Disney and Marvel, may harness blockchain to tokenize mental property, increase creator transparency, and launch community-driven token economies.
In parallel, Naver’s possession of Poshmark and its unlisted inventory buying and selling platform opens paths for stablecoin-based escrow techniques, tokenized fairness markets, and blockchain-verified advert settlements.
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