Naver, South Korea's largest internet company, plans to acquire Dunamu, the parent company of Upbit, through a stock swap valued at approximately $6 billion. This acquisition will make Naver the controlling entity of South Korea's largest cryptocurrency exchange, marking the largest merger in the country's crypto history. Naver, which already operates in search, payments (Naver Pay), securities, and stablecoin sectors, aims to enhance its financial ecosystem by integrating fiat and crypto assets. The South Korean crypto market is increasingly dominated by conglomerates, with major players like Kakao, Samsung, and KB Financial already establishing their presence. This acquisition signifies a shift in the crypto industry from grassroots entrepreneurship to a phase of 'capital integration,' entering what is being termed the 'crypto chaebolization' era.