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South Korea’s Naver Financial ‘Discussing’ Upbit Stock Swap, Eyeing Stablecoin Market

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In brief

  • South Korean internet giant Naver is in talks over a share swap with Upbit operator Dunamu.
  • Naver’s filing confirmed talks on a share exchange and stablecoin projects were taking place, but said no terms are finalized.
  • The move builds on a July KRW stablecoin plan with Dunamu, ahead of new legislation expected in October.

South Korean internet giant Naver Corporation is in talks with crypto exchange Upbit operator Dunamu over a possible share swap that could bring the country’s largest exchange under the Naver group.

Naver shares rose as much as 11.4% on Thursday, per Google Finance data, after local outlet Chosun reported the companies had agreed to a comprehensive stock swap.

The report described a deal that would make Dunamu a subsidiary of Naver Financial, the group’s fintech arm, giving the tech giant direct control of Upbit and positioning it for a deeper move into crypto markets.

Naver filed a disclosure with the Korea Exchange addressing reports that it had agreed to a share swap with Dunamu, operator of Upbit. In the filing, Naver stated that it is “discussing various forms of cooperation with Dunamu, including the possibility of a share exchange as well as projects involving “stablecoins and unlisted stock trading.”

No additional details or methods have been finalized, but Naver has committed to re-disclose within a month or once specific terms are confirmed. In a statement shared with Decrypt, a Dunamu spokesperson said that, “Beyond discussions on stablecoins and unlisted stock trading platform, Dunamu and Naver Pay are exploring a range of additional collaborations,” adding that, “No further details or specific agreements have been finalized at this time.”



Naver and Dunamu

The talks build on a partnership announced in July when Naver Pay and Dunamu revealed plans for a KRW stablecoin.

That project positioned Naver as lead issuer with Dunamu in a supporting role, marking one of the first attempts to create a large-scale won-backed token ahead of new legislation. Earlier this month, Dunamu unveiled that it had been working on a custom Ethereum layer-2 blockchain called “GIWA” designed to open up new infrastructure for stablecoins and payments.

South Korean lawmakers are expected to table a stablecoin bill in October that would clarify issuer requirements, reserve rules, and audit standards. Major stablecoin players Tether and Circle have taken meetings with top executives from the country’s financial groups as early as August.

If the deal is completed, Naver would be the first major South Korean platform to fully integrate an exchange into its financial ecosystem. The company already dominates search, messaging, and payments in South Korea, and adding Upbit could accelerate cross-selling of its financial verticals, stablecoin adoption, and new trading products.

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South Korean Internet Giant Naver to Buy Crypto Exchange Upbit: Report

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South Korean crypto exchange Upbit is about to be acquired by internet giant Naver, according to a report.

The deal would bring Upbit’s parent Dunamu under the umbrella of Naver Financial, making Dunamu a full subsidiary of Naver’s financial arm, the report said.

Upbit is one of the largest crypto exchanges in the crypto friendly country, while Naver operates multiple internet based services in South Korea, including Naver Pay.

The deal is likely to be a stock swap deal with Naver Financial issuing new shares in the crypto exchange for Dunamu’s current shares, the report added.

Shares of Naver jumped over 7% to korean won 246,000 ($175) after reports of the Upbit acquisition came out.

Reports of the deal come in the wake up of the South Korean government pushing to establish a framework for won-pegged stablecoins in the country.

Naver and Dunamu were not immediately available for comment.



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Upbit unveils GIWA, a fast Ethereum Layer 2 with 1-second blocks - 1
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Upbit unveils GIWA, a fast Ethereum Layer 2 with 1-second blocks

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The choice of a layer-2 network for South Korea’s largest exchange is a testament to Ethereum’s central role in the DeFi space.

Summary

  • South Korea’s largest crypto exchange is launching its own network
  • Giwa network will be a layer-2 chain, built for fast speeds
  • Upbit dominates South Korea’s crypto market with 73.4% of volumes

South Korea’s largest crypto exchange, Upbit, has officially stepped into blockchain infrastructure. On September 9, the exchange launched GIWA Chain, an Ethereum layer-2 network built on the Optimism OP Stack. The launch was announced at the Upbit D Conference (UDC) in Seoul after teasers in the days leading up to the event.

Giwa Network will feature one-second block times and EVM compatibility. At the same time, the network will leverage Ethereum to secure transactions. This enables the network to offer faster transactions while ensuring it is secure against attacks. Its name, Giwa, comes from traditional Korean roof tiles and symbolizes scalability.

In addition to Giwa Network, Upbit also unveiled a Giwa wallet, which will feature support for some of the larger EVM-compatible networks. The exchange will also launch a developer sandbox with full documentation in English and Korean to help developers build on the chain.

Upbit dominates Korea’s CEX market

Upbit is a dominant player in the South Korean crypto market. In 2024, the exchange accounted for 73.4% of trading volume on CEXs, processing $2 to 4 billion in daily volume. The exchange also has 8 million users, most of them in Asia.

Upbit was gearing up for a big reveal in the days ahead of the announcement. As reported by several sources, Dunamu, its parent company, filed for a Giwa trademark. Upbit also set up a timer on the Giwa website counting down to the launch. Still, earlier reports by Cointelegraph that the network would be a layer-1 chain turned out to be incorrect.



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Upbit Unveils Ethereum Layer 2 ‘GIWA’ To Compete In Infrastructure Race

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Upbit, South Korea’s largest exchange by volume, confirmed plans on Tuesday to launch its own Ethereum Layer 2 network, GIWA, as part of a broader infrastructure push, a month after trademark filings hinted at the project.

Shortly before the confirmation, Dunamu CEO Oh Kyung-seok teased details of the project in a keynote speech at the Upbit Developer Conference, saying South Korea “can aggressively compete in the global financial infrastructure race, extending beyond Asia,” according to a rough translation of a company tweet.

Citing the approval of the first U.S. Bitcoin ETF last year and the signing of landmark stablecoin legislation into law, Oh added that digital assets are “not a bubble but the result of evolution.”



While blockchain development has advanced in markets like the U.S. and Singapore, “the Korean market remains largely sidelined,” a representative for the company told Decrypt. 

“Dunamu hopes that more domestic developers will build innovative blockchain services on GIWA, enter the Web3 ecosystem, and avoid being excluded from the global market,” the representative said.

GIWA will follow a phased decentralization roadmap, with stablecoin plans dependent on pending Korean regulation, Decrypt was told. The network is designed to offer scalability through Optimistic Rollups, privacy features with verified liquidity from Upbit’s market data, and a mobile wallet for assets, NFTs, and dApps. 

The confirmation follows trademark filings on August 8 from Dunamu Inc., the operator behind Upbit. A Sepolia testnet for the layer-2 chain is now live.

“Although still in testnet, Giwa represents an important step in expanding opportunities for both Korean and global builders,” Rei Nam, chief technology officer at Lambda256, Dunamu’s blockchain technology arm and subsidiary, told Decrypt, adding that their team has supported “Giwa Chain from its earliest stage,” to help “new services and ideas emerge from it.”

Diversification play

GIWA is built on Optimism’s OP Stack, with its public testnet targeting one-second block times. A dedicated GIWA Wallet application is in development, per details on its official documentation.

Analysts say the network’s design raises familiar questions around centralization.

Like Coinbase’s Base, GIWA is expected to begin with a single sequencer under operator control, a model that can give exchanges significant influence over transaction ordering and potential maximal extractable value (MEV) capture. 

In Ethereum-based Layer 2 networks, a sequencer orders transactions, groups them into batches, and submits them back to Ethereum for settlement. 

Earlier this month, a regulatory report cautioned that exchange-operated Layer 2 networks could in practice function as trading venues, raising questions over whether similar scrutiny may extend to Asia.

Similar to Upbit, large exchanges such as Coinbase in the U.S. also have “centralized sequencer issues,” Jay Jo, senior analyst at Seoul-based Tiger Research, told Decrypt. “Both Coinbase and Upbit focus more on financial infrastructure innovation and utility than decentralization. They’ll likely operate similarly.”

“Sure, Upbit tried diversifying with Levvels, NFTs, and overseas exchanges in Thailand and Indonesia. Most failed,” he said.

Still, even if those have failed and regulatory risks exist, Upbit “operates under the direct supervision of Korean authorities,” Jo said, noting that the crypto exchange had likely reached some agreements with regulators before moving forward with GIWA.

Given this, Upbit would need “growth drivers since domestic volumes declined after 2021 and competition keeps intensifying,” he said, adding that fee-based models have clear limits, because previous attempts at revenue diversification have failed to deliver.

Building its own chain could leverage its advantages, Jo said, pointing to a “massive user base and liquidity” for Upbit.

“This might be their most realistic diversification play.”

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Crypto Trends

Upbit Parent Files ‘GIWA’ Trademarks Amid Rumors of New Blockchain Launch

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The parent company of South Korean cryptocurrency exchange Upbit, Dunamu, has filed several trademark applications for what is rumored to be a new blockchain project under the name “GIWA.”

The trademark applications, which have been circulating on social media, including stylized letters next to what could be the logo of the project.

The rumors seem to have originated on microblogging platform X, where one user commented that a friend attending the Upbit Developer Conference (UDC) heard the blockchain is going to be its own blockchain network.

Since then, several posts have amplified the rumors, yet no official confirmation has come from Upbit or its parent company Dunamu.

A website tied to the name of the rumored blockchain, GIWA, is already live and currently features a countdown suggesting that the network could be announced within the next few hours. The countdown appears below text that reads “Coming soon.” The countdown coincides with UDC going live, as the event is scheduled for Sept. 9 in Seoul, South Korea.

Several other cryptocurrency exchanges have backed their own blockchain networks. These include Coinbase’s layer-2 Base, OKX’s OKChain, Binance’s initial support for the BSC Chain, which later rebranded to BNB Chain, and others.

More recently, Stripe and Paradigm unveiled Tempo, a blockchain for high-speed stablecoin payments. The project is backed by a list of heavyweight partners, which include Anthropic, OpenAI, Revolut, and Deutsche Bank.

CoinDesk has reached out to Upbit and Dunamu for comment but hasn’t heard back at the time of writing.



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South Korea'S Upbit Rumored To Launch Blockchain Network 'Giwa'
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South Korea’s Upbit Rumored to Launch Blockchain Network ‘GIWA’

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It is said that Dunamu, the parent company of Upbit, South Korea’s biggest bitcoin exchange, is working on its own blockchain network. Recent trademark filings for the name “GIWA” have led to the rumors, which have made people even more excited for a big statement at the company’s upcoming annual conference.

The rumors started with a story from a local news source called ‘Bloomingbit’. They are based on trademark applications that cover a number of blockchain technologies.  In these filings, descriptions are given for blockchain software, systems for next-generation digital identity, and infrastructure for issuing and selling digital assets. GIWA means “Tile” in Korean, which makes it sound like a basic technology that will allow a wider range of on-chain apps.

A Strategic Growth

Dunamu has mostly been a trade services provider through Upbit, but this possible move would be a big step toward growing strategically. It would then be up against other global markets that have already started their own private chains.  This change would let Dunamu make money from things other than trading fees and help build a native community of decentralized apps and services.

It’s interesting that this news came out just one day before Dunamu’s yearly “Upbit D Conference” (UDC 2025) starts in Seoul on September 9.  The meeting is a big event for the industry in South Korea. Which, in case, making it official during the event, can turn the Korean blockchain ecosystem more competitive

Dunamu’s possible move into blockchain development is more than just an addition to their current products; it’s a strategic move to create a complete, fully integrated crypto environment.  If it goes live, the GIWA network could quickly become popular by using Upbit’s huge user base. This would create a powerful new platform for coders in South Korea and around the world, positioning Dunamu in a spotlight in Korea, as well as global player.

Also Read: Dunamu, MB Bank to Launch Vietnam’s First Crypto Exchange



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RedStone crypto price jumps 80% after South Korea’s Upbit listing
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RedStone crypto price jumps 80% after South Korea’s Upbit listing

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RedStone’s trading volume rose to $700 million on a wave of retail enthusiasm.

Summary

  • RedStone’s price rose 80% to a daily high of $0.7988, before stabilizing at $0.6803.
  • Listing on South Korea’s Upbit exchange was the major catalyst for the price increase

RedStone (RED) crypto price has gained significant momentum following major listing news. On Friday, September 5, the South Korean exchange Upbit officially announced the listing of RedStone on its Korean Won market. This was RedStone’s debut in the large South Korean market, giving it exposure to a large retail user base.

Following the announcement, the price of RedStone rose 80% to a multi-month high of $0.7988 before stabilizing at $0.6803. This surge pushed RedStone’s market capitalization to $192.1 million. Additionally, trading volume skyrocketed to $700 million, reflecting significant retail interest.

To ensure market stability, Upbit implemented several trading restrictions. First, during the first five minutes, buy orders were restricted, and sell orders were capped at 10% below the previous day’s closing price. These measures aimed to prevent bots from immediately rushing in and distorting the market. Additionally, for the first two hours of trading, the exchange allowed only limit orders.

Can Redstone crypto price reach $1?

Redstone is a multi-chain an oracle network, which provides external data to other blockchains. This data includes asset prices in traditional finance, which blockchains typically don’t have access to. It caters to DeFi protocols, RWA platforms and other dApps that require accurate, real-world data.

Its oracle network also offers flexibility for developers. For instance, developers on other chains can pull data from RedStone when needed, reducing the cost of on-chain data storage and gas fees. The protocol also works across several blockchains, including Ethereum, Arbitrum, Avalanche, and Polygon.

RedStone’s token supply is capped at 1 billion RED, with a 280 million circulating supply. It is the utility token for its oracle infrastructure, enabling users to earn staking rewards. The low supply, coupled with utility, means that the RedStone price has the potential to reach $1. However, traders should be mindful of future token unlocks and concentration.



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