Naver backs stablecoin firm Rain ahead of $10.3B Dunamu merger
What's the deal? Technology group NaverDealroom has a profile for this one. Try Dealroom → has made its first crypto infrastructure investment, backing New York-based stablecoin payments provider Rain. Naver VenturesDealroom has a profile for this one. Try Dealroom → joined Rain's $250 million Series C in January 2026, though the exact amount it contributed was not disclosed.
The details: ICONIQ led the round, which valued Rain at $1.95 billion and lifted its total capital raised above $338 million.
What does Rain do? It builds infrastructure that lets companies issue stablecoin-linked cards, wallets, and cross-border payouts, and convert between traditional currencies and digital assets. As a VisaDealroom has a profile for this one. Try Dealroom → principal member, its cards work across Visa's global merchant network while settling on stablecoin rails.
By the numbers: Rain reported more than $3 billion in annualised transaction volume across over 200 partners, including Western Union, Nuvei, and KAST. Its programs have processed transactions in more than 150 countries.
Why now? The investment lands as Naver FinancialDealroom has a profile for this one. Try Dealroom → advances its planned merger with Dunamu, operator of South Korea's UpbitDealroom has a profile for this one. Try Dealroom → exchange. The companies agreed in November 2025 to an all-stock exchange making Dunamu a wholly owned subsidiary of Naver Financial.
The terms: The deal values Dunamu at 15.13 trillion won, or about $10.3 billion. Shareholders would receive 2.5422618 Naver Financial shares for each Dunamu share.
What's the endgame? The combination would merge Naver Pay's payment services with Dunamu's blockchain expertise and Upbit's digital-asset platform. Naver Financial already serves more than 34 million users and processes over 80 trillion won in annual payment volume. The companies also plan to invest 10 trillion won over five years in artificial intelligence, Web3, and blockchain projects.
What could go wrong? The merger timetable has been revised twice as regulatory reviews continue. The shareholder vote moved to November 19 and the share exchange to December 31, with South Korean regulators still examining competition, ownership, and digital-asset concerns.
One more risk: Naver has warned that provisions in the proposed Digital Asset Basic Act could reshape the merger's structure or block its completion.
The signal: Naver is assembling a payments and digital-asset stack that spans Korea and, now, US stablecoin infrastructure — positioning itself for a market where traditional payments and crypto rails increasingly converge.
Read more: CoinEdition
