South Korea’s $13.8B Fintech Consolidation Connects Conventional Finance with Crypto, Aiming for Worldwide Leadership

Dunamu, the parent company of South Korea’s Upbit, is gearing up for a Nasdaq debut after its upcoming merger with tech powerhouse Naver. This move is set to help the firm access U.S. capital markets and strengthen its leadership in the digital asset industry. The merger,

, will result in a fintech giant valued at $13.8 billion by merging Dunamu’s blockchain capabilities with Naver Financial’s payment systems, . Operating under the Naver brand, the new company seeks to connect conventional finance with the crypto sector, and could reach a valuation as high as $34.5 billion if .

The deal will be executed through a stock swap,

at a ratio of 1:3.3–3.4. This ratio reflects Dunamu’s much stronger financial results—its 2024 operating profit was nearly ten times that of Naver Financial—and to facilitate a seamless merger. Naver’s stake will decrease from 69% to 17%, but it will maintain management control by securing a majority of Dunamu’s voting rights, in line with fair trade laws .

This strategic step coincides with South Korea’s changing regulatory environment, where

are being drafted. Dunamu, which has already been fined $25.7 million for violating anti-money laundering rules, as authorities examine the merger for compliance and competition concerns. Analysts such as Peter Chung from Presto Research in the stablecoin market are driving the deal, with Dunamu’s GIWA blockchain and Naver Pay set to lead the field.

The combined company could pursue a Nasdaq IPO as soon as 2026, leveraging its robust financials and Naver’s international reputation. Dunamu’s

year-over-year to $165 million, boosting investor optimism. This timing coincides with a surge in crypto-related IPOs, as , and Bithumb is also fast-tracking its own public offering.

There are still regulatory obstacles, with

reviewing the merger’s implications for competition and financial stability. Despite these hurdles, the deal highlights South Korea’s efforts to bring cryptocurrency into the mainstream financial system, with leading tech and fintech firms.