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Upbit Exchange Operator Plies $46 Million Into Blockchain in First Year of Investment


Upbit Exchange Operator Plies $46 Million Into Blockchain in First Year of Investment

South Korea’s Upbit exchange operator has so far stumped up blockchain funding worth $46 million

The parent company of South Koreancryptocurrency exchange Upbit has invested almost $50 million in blockchain startups since March 2018, English-language Korean business news outlet The Investor reported on May 15.

Dunamu, which created a dedicated investment subsidiary, Dunamu & Partners, at the same time last year, has given cash to a total of 26 businesses.

In total — under plans it announced previously — the company aims to invest 100 billion won ($84 million) into the industry.

Dunamu Investments

“Our goal is to contribute to the healthy growth of the blockchain ecosystem by actively investing in startups with world-class technology and services with potential for real-life implementation,” The Investor quotes Ryan Lee, CEO of Dunamu & Partners, as saying. He continues:

“Dunamu and Dunamu & Partners’ strategy of identifying and investing in innovative tech and finance startups, regardless of size, stage and region will continue in 2019.”

As Cointelegraph reported, South Korea has recently seen some large blockchain and crypto-related investments. Last month, a Japanese fund funneled $200 million into the operator of fellow exchange Bithumb.

Meanwhile, another platform, Korbit, could ultimately find itself under the control of Disney Corp. if a related $13.2 billion equity deal goes ahead.

Kakao Corp., South Korea’s internet giant already active in the crypto arena, confirmed it planned to release its own blockchain platform in June.

For Dinamu, investment will in particular go towards entities engaged in mainstream adoption of blockchain services, regulation-compliant fintech and content creation, The Investor notes.

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