South Korea has quietly produced two new crypto billionaires, putting them in the same league as Changpeng “CZ” Zhao and Justin Sun.

Where Do Song and Kim Rank Among Global Crypto Founders?

It is one of Asia’s largest crypto deals this year. And it shows how seriously big tech firms in South Korea now take digital assets and payments.

The deal puts both founders into the top tier of global crypto wealth, a circle long led by exchange heavyweights like Changpeng Zhao of Binance and Justin Sun, who founded Tron.

And it shows that big exchange wealth is no longer limited to the US, Europe, or offshore hubs.

Can Bithumb’s Fee Cuts Really Challenge Upbit’s Market Share?

The all-stock acquisition marks the result of more than a decade of work. The pair launched their company in 2012 as Dunamu after working at payments group Danal. 

They secured early backing from Kakao and local investors, then opened the exchange Upbit in 2017. Its close link to KakaoTalk, the country’s main messaging app, helped drive fast adoption.

That strategy made Upbit South Korea’s biggest crypto exchange. It now handles about 70–72% of all local trading, based on industry estimates.

Its reach now goes beyond Korea. Upbit controls close to 5% of global spot trading, up from just 1.4% in early 2021. It also serves 5 to 8 million active users, based on compiled market estimates.

The deal could further tighten South Korea’s already crowded trading market. Even as rival Bithumb cut fees and pushed its share toward 30%, Upbit still held near 70%. 

A combined Naver–Dunamu group would have rare control over pricing, listings, and where everyday traders take their money.

jrmiller

Jonathan R. Miller is a junior writer based in Columbus, Ohio, with a growing focus on blockchain technology, digital assets, and fintech innovation. With a background in economics and communications, Jonathan began covering cryptocurrency in 2022 through freelance research projects... Read More

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