Connecting Conventional Finance with Cryptocurrency: Revealing Korea’s Leading Fintech Force

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Connecting Conventional Finance with Cryptocurrency: Revealing Korea’s Leading Fintech Force

Bitget-RWA2025/11/24 13:10

By:Bitget-RWA

- South Korea's Upbit and Naver Financial will merge to create a fintech-crypto powerhouse, aiming for a Nasdaq IPO by 2026. - The stock-swap deal grants Dunamu shareholders 30% of the combined entity, while Naver's stake drops to 17% to address antitrust concerns. - Regulators are scrutinizing the merger, with Dunamu transferring over half its voting rights to Naver to balance control and compliance. - The post-merger entity's valuation rose to KRW 50 trillion ($34.5B), reflecting confidence in growth and

Upbit, South Korea’s leading cryptocurrency exchange, is preparing to join forces with Naver Financial—a branch of tech conglomerate Naver—in a significant merger that could set the stage for a future Nasdaq public offering. The deal, anticipated to close on November 27 pending board consent, will unite Naver’s top payment service with Upbit’s commanding 70%+ share in the local crypto market, forming a major player in the fintech and crypto sectors

according to reports

. The agreement will be structured as a stock swap, making Dunamu (Upbit’s parent company) a fully owned subsidiary of Naver Financial. With the proposed share exchange ratio of 1:3.3–3.4, Dunamu’s investors are expected to own close to 30% of the merged company, while

Naver's stake will shrink from 69% to 17%

Regulatory bodies such as South Korea’s Financial Supervisory Service and Fair Trade Commission are

scrutinizing the deal for potential market dominance

. To ease antitrust worries, Dunamu might hand over more than half of its voting power to Naver, ensuring balanced governance and addressing regulatory concerns. The merger seeks to blend Naver’s e-commerce and payments network with Upbit’s digital asset platform,

positioning the combined entity to bridge traditional finance

and the world of cryptocurrencies.

Connecting Conventional Finance with Cryptocurrency: Revealing Korea’s Leading Fintech Force image 0

This strategic alliance has

sparked speculation about a Nasdaq listing

, with some sources indicating Upbit could target a U.S. IPO as soon as 2026. This development comes after competitor Bithumb’s own plans for a U.S. listing and highlights a wider movement among Korean crypto companies to tap into international capital markets. Dunamu’s recent results—an 85% surge in annual profits and a threefold increase in dividends—

strengthens the case for a high-profile listing

. Experts point out that the merger’s design,

including the elevated share ratio favoring Dunamu

, reflects optimism about the new entity’s future growth and fits Nasdaq’s standards for scale and transparency.

The timeline and specifics of the deal are still evolving. While early estimates put the value of the merger at KRW 20 trillion (about $14.5 billion),

updated figures suggest a KRW 50 trillion valuation

for the combined company after the merger. Naver and Dunamu are expected to finalize the agreement at board meetings on November 26, after which the IPO process may pick up speed. Nonetheless, there are still obstacles, such as U.S. regulatory requirements and the challenge of merging two distinct corporate cultures

according to reports

This merger highlights South Korea’s drive to become a leader in global fintech innovation. By bringing together established payment solutions and cryptocurrency trading, Naver and Dunamu hope to build an integrated financial platform. Should the Nasdaq IPO go ahead, it would represent one of the largest U.S. debuts by an Asian crypto exchange and

signal growing institutional acceptance

of digital assets.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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