December 03, 2025
By Anjali Kochhar
Two veteran entrepreneurs from South Korea’s crypto industry have officially joined the global billionaire ranks after completing one of the largest acquisitions the sector has witnessed. Song Chi-hyung and Kim Hyoung-nyon, co-founders of Dunamu Inc., the company behind Upbit, South Korea’s biggest cryptocurrency exchange, have finalized a major all-stock deal with the fintech arm of Naver Corp. This move has pushed their personal fortunes into the multibillion-dollar range.
After 13 years of building Dunamu into a dominant force in the digital asset market, the pair agreed to sell the company in a deal that has gained international attention. Based on the combined valuation of $13.6 billion disclosed in company filings, Song will hold a 19% stake worth $2.7 billion, while Kim will retain 10% valued at $1.4 billion, according to Bloomberg Billionaires Index estimates. The acquisition firmly secures their positions among the world’s wealthiest founders in tech and crypto.
The deal will integrate Upbit, South Korea’s most influential digital asset trading platform, into Naver’s wide range of services including search, social media and e-commerce. Market analysts believe this partnership will reshape the competitive landscape within and beyond South Korea. Douglas Kim of Douglas Research Advisory said that both Upbit and Naver Pay operate primarily in the domestic market, but the merger creates an opportunity to challenge global fintech giants such as PayPal, Stripe and Coinbase.
South Korea continues to be one of the most active retail crypto hubs in the world. More than 18 million residents, which is over one third of the population, actively trade digital assets. On many days, trading volumes in cryptocurrency exceed those of the Korean stock market. Upbit has held a strong leadership position for years, handling about 70% of all domestic crypto trades and nearly 5% of global spot trading volume. This is a significant rise from the 1.4% it accounted for in early 2021.
Competition within the country has grown intense. Bithumb, a key rival, has recently regained ground through aggressive marketing strategies including a zero-fee trading promotion. It now holds about 30% of the domestic market. Korbit and Binance-backed Gopax remain smaller players with less than 1% each.
Although the user base remains strong, the broader crypto market has seen recent volatility. Bitcoin and other major tokens have experienced a multiweek downturn, with Bitcoin losing 16.7% of its value in November.
Song and Kim began their careers at Danal, a mobile payments firm, before founding Dunamu in 2012. With early investments from Kakao Corp. and Woori Technology Investment, the company grew quickly. The 2017 launch of Upbit and its integration with KakaoTalk helped solidify its dominance. Today, the historic Naver deal marks a new chapter in both their personal journeys and the evolution of South Korea’s crypto industry.
About the author
Anjali Kochhar covers cryptocurrency and blockchain stories in India as well as globally. Having been in the field of media and journalism for over four years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
