Cryptocurrency exchange operator Upbit, South Korea-based Dunamu, has raised around $85 million in funding. At the end of the investment round, its valuation exceeded $10 billion, The Korea Times reported, citing knowledgeable sources.
Ventures Altos Ventures, Hana Financial Investment and Saehan Venture Capital bought a stake in Dunamu from existing investors, including Atinum Investment. According to the publication, Saehan Venture Capital invested about $51m in the bitcoin exchange, Hana Financial invested $25.4m and Altos Ventures invested $8.5m.
KT noted the rapid growth in Dunamu's corporate value. In Q1 2021, investment firm DSC Investment valued the organisation at $1.27bn - already in April the figure rose to $5.7bn.
In the first three months of the year Dunamu earned revenues of $500 million, with 92% of the total revenue mix coming from operating profit. The company expects the figure to exceed $1.7 billion by the end of the year.
The publication's sources noted that in case Dunamu is listed on one of the stock exchanges, the value of the company could exceed $25 billion.
As a reminder, in September, Upbit became the first cryptocurrency exchange in South Korea to receive approval from the Financial Services Commission.
TRON doesn't offer fee-free trading. However, its fees are low compared with even the best crypto exchanges that charge fees and commission.