Media: investors valued bitcoin exchange operator Upbit at $10bn

October 5, 2021

Media: investeerders waarderen bitcoin-uitwisselaar Upbit op 10 miljard dollar

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.

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Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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