Seoul, South Korea — Naver Financial, the fintech subsidiary of South Korean tech giant Naver, confirmed it will merge with Dunamu, the operator of South Korea’s largest cryptocurrency exchange, Upbit.

The merger, executed through a stock-swap transaction, will see 2.5422618 Naver Financial shares exchanged for each Dunamu share, effective June 30, 2026. Naver Financial plans to issue 87.56 million new shares, valued at roughly 15.13 trillion won ($10.28 billion), to complete the transaction.

The integration aims to boost digital asset and fintech capabilities, with both firms planning functional and strategic cooperation. While the corporate structure changes for Dunamu have yet to be finalized, reports suggest Upbit may pursue a Nasdaq IPO post-merger, though this remains unconfirmed.

Financially, Naver reported Q3 revenue of 3.14 trillion won ($2.32 billion) and an operating profit of 570.6 billion won ($422.67 million). Dunamu’s Q3 revenue rose 35% QoQ to 385.9 billion won ($262.87 million), with net profit surging 145% to 239 billion won ($162.80 million).

The merger reflects both companies’ ambition to dominate South Korea’s digital finance and crypto landscape, as the government promotes the country as a hub for fintech innovation.