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South Korea’s digital finance landscape is being reshaped as the Naver Dunamu merger turns Upbit’s founders into billionaires and accelerates the race for global fintech dominance.
Upbit founders become billionaires in landmark stock deal
Song Chi-hyung and Kim Hyoung-nyon, co-founders of leading crypto exchange Upbit, have joined the billionaire ranks after agreeing to sell Dunamu to Naver’s finance division in a stock transaction.
Under the deal, Song will receive $2.7 billion for his 19% stake, while Kim will obtain $1.4 billion for his 10% holding, based on the combined company’s $13.6 billion valuation. Moreover, media reports note that these payouts place both entrepreneurs among the world’s super-rich.
November 2025 delivered sharply different outcomes for cryptocurrency investors. While many long-term holders absorbed heavy losses from plunging token prices, South Korean tech founders Song and Kim locked in gains by selling Dunamu Inc. for over $10 billion.
According to local media, Dunamu, the parent company of Upbit, Korea’s premier cryptocurrency trading platform, will be sold to Naver Corp, one of the country’s largest technology groups. The deal will see Dunamu merged with Naver Financials, the conglomerate’s fintech arm, to create a new entity with expanded scale and reach.
Naver gains dominant position in Korean crypto and mobile payments
The transaction brings Upbit fully under Naver’s umbrella, making it one of the largest mergers and acquisitions in the history of the crypto and fintech sectors. Furthermore, both Naver and Dunamu have signaled that the partnership will be used to drive a more aggressive global expansion strategy.
South Korea counts more than 18 million regular crypto traders, representing over one-third of the national population. As a result, digital finance is deeply embedded in everyday economic life, and at times, overall cryptocurrency trading volumes surpass those of the country’s stock market.
Upbit currently controls around 70% of South Korea’s crypto trading market and nearly 5% of global spot volume. That said, by acquiring Dunamu, Naver now commands a powerful domestic and international position. The company plans to integrate payments and crypto trading within a single platform, then roll this model out globally to reach millions of users in other jurisdictions.
Analysts argue that this structure will reshape how South Korean companies compete in global finance. In particular, they believe it will help position Naver as one of the most influential players in both crypto trading and mobile payment services.
Founders commit $6.8 billion to AI and blockchain expansion
In comments following confirmation of the merger, Song pledged that $6.8 billion from the deal would be invested in AI and blockchain initiatives to build next-generation financial infrastructure over the next five years. However, this investment push will aim well beyond traditional payments.
“We will create a new global platform order that goes beyond payments and encompasses all aspects of finance and daily life,” Song said, outlining an ambition to redefine digital financial services at scale.
Kim, for his part, stressed that the era of tokenization is approaching Korea. Moreover, he underlined the need for the country to be fully prepared to lead in a borderless digital asset market, where on-chain representations of real-world value become standard.
Market observers suggest this strategy reflects rising institutional interest in the sector, which could underpin strong long-term growth. In this context, the confirmed naver dunamu merger is being read as a signal that Korea intends to play a central role in the next wave of global fintech competition.
Global competition with major fintech and crypto platforms
Douglas Kim of SmartKarma echoed these views, noting that the combined platform will enhance the global competitiveness of both Upbit and Naver Pay, Naver’s mobile payment service. According to him, the merger increases the group’s ability to challenge overseas fintech leaders.
“The merger presents an opportunity to compete globally with overseas fintech firms like PayPal, Stripe, and Coinbase,” Douglas Kim said. Additionally, the deal underscores how crypto exchanges and payment platforms are converging into unified financial ecosystems.
Record-setting month for crypto fundraising and strategic deals
The record-breaking Naver-Dunamu merger in November coincided with another milestone for the broader crypto ecosystem. Industry data show that the month recorded the highest volume of crypto fundraising activities ever, with totals surpassing $14 billion.
Alongside Naver’s $10.3 billion acquisition of the Song-led company, other major transactions shaped the landscape. Notably, prediction market platform Kalshi raised $1 billion at an $11 billion valuation, drawing backing from high-profile investors including Sequoia, Paradigm, and a16z.
Additionally, Ripple secured a $500 million facility at a $40 billion valuation, with Panthera Capital, Galaxy, and other institutions underwriting the round. Together, these deals highlight intensifying interest in core crypto infrastructure and related financial services.
Overall, the Naver-Dunamu tie-up elevates Upbit’s founders to billionaire status, fortifies Naver’s grip on the Korean crypto market, and channels billions into AI, blockchain, and global fintech expansion at a pivotal moment for the industry.
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