Dunamu – the company behind South Korea’s leading crypto exchange Upbit – plans to invest 500 billion won ($380 million) in the next five years and create approximately 10,000 new job positions.
The bear market and the outflow of investors’ interest in the industry have caused numerous companies to reduce costs and lay off some employees. Exchanges like Coinbase, Bybit, and Gemini are some examples.
A few firms, though, have decided to use the opportunity and invest millions in their businesses, targeting a future expansion and a stronger presence in the sector. Such seems to be the case with the South Korean fintech company Dunamu.
It aims to distribute nearly $380 million over the next five years and thus create thousands of new jobs for Koreans. Additionally, Dunamu intends to nurture 500 blockchain startups and recruit around 1,000 developers.
“Dunamu will collaborate to strengthening national industrial competitiveness by actively investing in new future growth industries such as blockchain and creating jobs.” – said the CEO Sirgoo Lee.
Found in 2012 and headquartered in Seoul, Dunamu is among the country’s leading fintech companies. In 2017, it launched Upbit – one of the largest cryptocurrency exchanges in South Korea.
A month ago, the world’s largest crypto platform – Binance – showed that the decline of the digital asset market is not that big of a concern. In fact, CEO Changpeng Zhao believes bear markets are a great time when companies should hire more staff and expand operations.
“We have a very healthy war chest, we, in fact, are expanding hiring right now,” the exec said back then.
Prior to that, the company scored two European regulatory approvals. First, the French financial regulator – Autorité des Marchés Financiers (AMF) – approved it to register as Digital Asset Service Provider (DASP) in the country. Later, the Italian watchdogs and the local Ministry of Economy gave their nod to launch in Italy.
Last week, the Bank of Spain greenlighted Binance’s subsidiary Moon Tech to register as a Virtual Asset Services Provider (VASP) in the Iberian nation. This enabled the trading venue to offer crypto exchange and custody options to Spanish clients.