Dunamu, the company behind South Korea’s leading crypto exchange Upbit, plans to invest 500 billion won ($380 million) over the next five years and create about 10,000 new job positions.
Expanding Between Crypto Winters
The bear market and the outflow of investor interest in the industry have caused many companies to cut costs and lay off some employees. Exchanges such as Coinbase, Bybit and Gemini are some examples.
However, some firms have decided to use this opportunity and invest millions in their businesses, targeting future expansion and a strong presence in the sector. That seems to be the case with South Korean fintech company Dunamu.
It aims to distribute approximately $380 million over the next five years thus creating thousands of new jobs for Koreans. Additionally, Dunamoo intends to foster 500 blockchain startups and recruit approximately 1,000 developers.
“Dunumu will collaborate to strengthen national industrial competitiveness by actively investing in new futuristic growth industries such as blockchain and creating jobs.” CEO Sirgu Lee said.
Founded in 2012 and headquartered in Seoul, Dunamoo is one of the leading fintech companies in the country. In 2017, it launched Upbit – one of the largest cryptocurrency exchanges in South Korea.
Binance doesn’t even push the brakes
A month ago, the world’s largest crypto platform – Binance – showed that the decline in the digital asset market is not such a big concern. In fact, CEO Changpeng Zhao believes that bear markets are a great time when companies should hire more employees and expand operations.
“We have a very healthy battle chest, in fact, we are just expanding hiring,” the exec said back.
Prior to this, the company received two European regulatory approvals. First, the French financial regulator – Autorit des Marches Financiers (AMF) – approved it to be registered as a Digital Asset Service Provider (DASP) in the country. Later, the Italian watchdog and the Ministry of the Local Economy gave their approval to launch in Italy.
Last week, the Bank of Spain flagged off Binance subsidiary Moon Tech to register as a Virtual Asset Services Provider (VASP) in the Iberian nation. This enabled the trading venue to offer crypto exchange and custody options to Spanish customers.
PrimeXBT Special Offer: Use this link to register and enter code POTATO50 to get up to $7,000 on your deposit.