Naver-Upbit Alliance Connects Digital Assets with Conventional Finance in Pursuit of Nasdaq Listing

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Naver-Upbit Alliance Connects Digital Assets with Conventional Finance in Pursuit of Nasdaq Listing

Bitget-RWA2025/11/25 09:02

By:Bitget-RWA

- South Korea's Upbit merges with Naver to form a $13.8B fintech-crypto giant, aiming for a Nasdaq IPO to expand U.S. market access. - The stock-swap deal boosted Dunamu's shares to a 3-year high, leveraging Naver's ecosystem and Upbit's 70% domestic crypto market dominance. - Regulatory scrutiny focuses on antitrust risks, while Dunamu's 85% profit growth and tripled dividends strengthen its IPO case. - The merger creates a "politically safer" structure for Wall Street, positioning South Korea as a bridge

Upbit, South Korea's largest digital asset exchange, is preparing for a U.S.

Nasdaq

IPO after its upcoming merger with tech powerhouse Naver, a move poised to form one of Asia’s leading fintech and crypto alliances. The merger, which is expected to close this week, will result in Upbit’s parent company, Dunamu, becoming part of Naver Financial,

Naver's fintech arm

. The new group is estimated to be worth around $13.8 billion, but its value could

exceed $34 billion

if the Nasdaq IPO goes ahead as planned. This step represents a major strategic shift for Dunamu, which has been aiming to enter the U.S. market to broaden its income sources and

tap into Wall Street’s increasing interest

in crypto assets.

The stock-swap merger has already pushed Dunamu’s private shares to their highest level in three years,

signaling investor confidence

in the potential U.S. listing. Naver, often called the “Google of South Korea,” brings a vast network of search, payment, and digital services, while Dunamu adds Upbit’s leadership in the local crypto sector,

controlling about 70% of trading activity

Naver-Upbit Alliance Connects Digital Assets with Conventional Finance in Pursuit of Nasdaq Listing image 0

The partnership also includes plans to introduce a stablecoin backed by the Korean won,

in line with South Korea’s new regulations

allowing banks to issue stablecoins.

Regulatory approval remains a significant challenge. The Financial Supervisory Service and Fair Trade Commission in South Korea will examine the merger for possible antitrust issues,

especially considering Upbit’s leading position

and Naver’s stronghold in fintech. Dunamu CEO Oh Kyung-seok has

highlighted the merger’s importance

in building a “politically safer” structure for a U.S. IPO, aiming to reduce regulatory barriers compared to operating as an independent crypto exchange.

The timing coincides with a broader movement of crypto firms seeking public listings. U.S.-based platforms like Gemini, Bullish, and eToro went public in 2025, and stablecoin provider Circle Internet Group reached an $18 billion valuation in June

as reported

. If Upbit goes public, it would join this trend, giving Wall Street access to a crypto market that often operates independently from U.S. and global cycles. According to CoinGecko, Upbit handled $2.1 billion in trading volume over 24 hours last week,

coming close to Bullish’s $2.2 billion

on the same platform.

Dunamu’s financial performance further supports its IPO ambitions. The company

posted an 85% increase in profits year-over-year

and has tripled dividends to shareholders in recent quarters, strengthening its financial position before entering the U.S. market. Meanwhile, other Korean exchanges like Bithumb are also considering going public, but Upbit’s collaboration with Naver gives it a distinct edge in

tackling regulatory and market obstacles

If successful, the merger could reshape South Korea’s influence in the global crypto industry, creating a link between conventional finance and digital assets. With Nasdaq authorities expected to closely review the listing’s compliance, the final outcome will

depend on Naver’s capacity

to present the merged company as a stable, innovation-focused fintech leader rather than a risky crypto business.

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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