Technology group Naver has entered the U.S. crypto infrastructure market through its first investment in the sector, backing New York-based stablecoin payments provider Rain. The move comes as the company prepares for a delayed combination with Dunamu, operator of South Korea’s Upbit exchange.
According to the Korea Economic Daily, Naver Ventures joined Rain’s $250 million Series C financing in January. However, the exact investment amount was not disclosed publicly. ICONIQ led the round, which valued Rain at $1.95 billion and lifted its total capital raised above $338 million.
Rain Extends Naver’s Stablecoin Payment Reach
Basically, Rain builds infrastructure that allows companies to issue stablecoin-linked cards, wallets, cross-border payouts, and services that convert between traditional currencies and digital assets. As a Visa principal member, Rain supports cards accepted across Visa’s global merchant network while settling payment activity through stablecoin rails.
The company reported more than $3 billion in annualized transaction volume across over 200 partners. Its clients include Western Union, Nuvei, and KAST. Rain also said its active card base expanded 30-fold during the past year, while annualized payment volume increased 38-fold.
Its programs have processed transactions in more than 150 countries. Naver already operates Naver Pay and expands overseas merchant access through partners, including the international payment platform Alipay+.
Regulatory Delays Reshape the Dunamu Merger Timeline
The investment also comes as Naver Financial advances its planned merger with Dunamu. The companies agreed in November to complete an all-stock share exchange that would make Dunamu a wholly owned subsidiary of Naver Financial.
The transaction values Dunamu at 15.13 trillion won, or about $10.3 billion. Under the proposed terms, shareholders would receive 2.5422618 Naver Financial shares for every Dunamu share.
Once completed, the deal would combine Naver Pay’s payment services with Dunamu’s blockchain expertise and Upbit’s digital-asset platform. Naver Financial currently 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. However, the merger timetable has already been revised twice as regulatory reviews continue.
The shareholder vote was moved to November 19, while the share exchange was postponed until December 31. South Korean regulators are still examining competition, ownership, and digital-asset concerns linked to the transaction.
Naver has also warned that provisions in the proposed Digital Asset Basic Act could affect the merger’s structure or prevent its completion.
Related: Naver to Acquire Upbit Operator Dunamu in $10.3 Billion Stock Swap
