It was at the end of May 2022 that the collapse of Terra (LUNA) as well as the weathering of its UST stablecoin caused thunderstorms in the crypto world. The event not only affected investors and traders, but also saw the major cryptocurrency lose its bullish stance.
Among the many exchanges that suffered heavy losses, South Korea’s largest crypto exchange Upbit was one of them.
However, now, the owner of Upbit, Dunamu has announced that Mudra plans to invest around $380 million in the next 5 years along with the creation of 10,000 jobs.
In addition, Dunamu said the exchange plans to open offices spread across South Korean cities to support startups entering the Web3 ecosystem.
The Terra-Luna crisis had an adverse effect on Dunamu and its exchange. The exchange had to go through an investigation for the dumping of what is now called the LUNA or LUNC token. These tokens were worth $100 million before the price drop. However, according to the firm, the token was exchanged for bitcoin in February 2021.
Excited to increase Web3 adoption in the country
Dunmoo looks forward to increasing crypto, blockchain adoption with Web3 in South Korea with its $380 million investment over the next 5 years.
The company has come forward to support 500 Web3 startups along with creating 8,000 new jobs. Not only this, the company is also planning to recruit 1000 new developers along with its management and other employees.
Web3 is supported by mentorship programs like UP Start Incubator and UP Start Platform and supports to raise funds for various projects.
The founders also look forward to adding counseling centers in well-known cities such as Busan, Daegu, Gwangju and Daejeon. Dunamu intends to recruit graduates and train them for the crypto, blockchain and web3 technologies of the future.