Naver Financial, a South Korean internet company, announced plans to launch a stablecoin wallet service next month, according to a company statement.
Summary
- Naver Financial plans to launch a new stablecoin wallet service, “Silk Pocket,” next month, developed in partnership with blockchain investment firm Hashed.
- The Busan digital exchange also contributed to the wallet’s development, underscoring growing collaboration within South Korea’s crypto ecosystem.
- The move reflects broader expansion of crypto services among Korean fintech firms, including a deal with Upbit.
Naver’s next steps
The wallet service, named “Silk Pocket,” is being developed in collaboration with blockchain investment firm Hashed, the company said.
The Busan digital exchange has also contributed to the development of the wallet, according to the announcement.
The launch comes as South Korean financial technology firms continue to expand their cryptocurrency-related services. Naver Financial operates as the financial services arm of Naver Corporation, one of South Korea’s largest internet companies.
It’s currently doing a deal with Dunamu, the parent company of Upbit, as part of a KRW 20 trillion ($14.5 billion) stock-swap merger on November 26.
The exchange ratio was recently revised to roughly 1:3.3–3.4 in favor of Dunamu after minority shareholders argued earlier proposals undervalued the crypto exchange operator, whose profits have surged well beyond Naver’s.
Dunamu posted KRW 1.186 trillion in operating profit at the end of 2024 and $165 million in net income in the third quarter of 2025—a 300% year-over-year jump—highlighting Upbit’s expanding centrality in South Korea’s financial landscape.
