The Dunamu company, the operator of the leading Korean cryptocurrency exchange Upbit, held a funding round, within which it raised $ 85 million. Now the capitalization of Dunamu is estimated at $ 10 billion.
The funding round was attended by venture capital firms Altos Ventures, Hana Financial Investment and Saehan Venture Capital. The latter invested about $ 51 million, another $ 26 million was provided by Hana Financial and the remaining $ 8.5 million was invested by Altos.
Note that Dunamu’s capitalization grew very quickly – back in February the company was estimated at $ 1.3 billion, and by April its capitalization had already reached $ 5.7 billion. In addition to Upbit, Dunamu operates several other financial technology firms. However, it was after the founding of Upbit in 2017 that Dunamu began to skyrocket.
Operator Upbit is considering listing on the stock exchange. Analysts predict that in the event of a successful IPO, Dunamu’s capitalization could exceed $ 30 billion, making it one of the largest companies in South Korea.
Recall that the South Korean authorities have introduced strict regulation of cryptocurrency exchanges, in connection with which most sites have announced the closure. Only the four largest exchanges – Upbit, Bithumb, Coinone and Korbit – were able to comply with regulatory requirements. 35 sites will cease their work.
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