Investors value Upbit operator at $10 billion

The operator of the Upbit cryptocurrency exchange — the South Korean company Dunamu — attracted around $85 million in financing. Following the investment round, its valuation exceeded $10 billion. The Korea Times reports, citing informed sources.

Venture firms Altos Ventures, Hana Financial Investment and Saehan Venture Capital acquired stakes in Dunamu from existing investors, including Atinum Investment. According to the publication, Saehan Venture Capital invested about $51 million in the bitcoin exchange, Hana Financial — $25.4 million, and Altos Ventures — $8.5 million.

KT noted the rapid rise in Dunamu’s corporate value. In the first quarter of 2021, investment firm DSC Investment valued the company at $1.27 billion — by April the figure had risen to $5.7 billion.

In the first three months of the year, Dunamu earned revenue of $500 million. Of that, 92% of the total revenue came from operating profit. The company expects the figure for the year to exceed $1.7 billion.

Sources said that if Dunamu lists on one of the stock exchanges, the company’s value could exceed $25 billion.

In September, the Upbit platform became the first cryptocurrency exchange in South Korea to receive the approval of the Financial Services Commission.