The South Korean crypto change operator Dunamu is ready to accrue a tax invoice of a whopping KRW 1trn (USD 843m) following probably the most profitable 12 months but for its Upbit buying and selling platform.
According to Donga, Dunamu posted cumulative working income of USD 2.2bn within the first three quarters of the present monetary 12 months.
Crypto buying and selling skilled a lull within the interval 2018-2019 in South Korea following a growth in 2017, with buying and selling additionally sluggish in 2020. However within the early months of 2021, Crypto Fever 2.0 took root within the nation – to the extent that subsequent 12 months’s presidential elections may even be determined by the voting actions of crypto-keen buyers.
However the two largest winners of all this have arguably been Upbit – which surged previous the earlier market chief Bithumb – to turn out to be the nation’s favourite buying and selling platform this 12 months, and the neobank Okay-Financial institution. The latter selected to associate with Upbit to supply actual name-authenticated banking companies – and has seen its personal buyer base surge as a direct outcome.
Dunamu’s CEO Lee Seok-woo indicated that gross sales volumes had seen a year-on-year enhance of “almost x28.” Upbit’s account holder base has “almost tripled” within the house of 12 months, the media outlet famous, rising from 3 million on the finish of October final 12 months to virtually 9 million on the finish of October this 12 months.
Nevertheless, Lee refused to be drawn on the query of whether or not Dunamu was eyeing a inventory change itemizing in New York, stating that the agency had “no particular plans” to go public or keep personal.
Market analysts have beforehand claimed that the agency is just too massive for a home itemizing, leaving New York as the one probably vacation spot for an preliminary public providing (IPO).
However the agency has its sights firmly set on abroad enlargement – and has the USA in its crosshairs. The agency claimed that it hoped to create a platform for each “digital and real-world belongings” and was pursuing non-fungible token (NFT) and metaverse-related enterprise.
The corporate mentioned it was engaged on a joint-venture in the USA involving Hybe, the expertise company behind the worldwide chart-topping boyband BTS.
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– KYC Drive Causes Bithumb Disruption: Logins, Transactions Affected
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– In S Korea’s New ‘Steady’ Crypto Sector, There’s Now One Alternate to Rule them All
– Upbit Introduces Every day Restrict on Deposits as ‘Self-Regulation Begins’
