Dunamu to invest $383 million to create 10,000 jobs

Top crypto operator pledges to invest more in blockchain, NFT and metaverse

By Lee Min-hyung

Dunamu is set to invest 500 billion won ($383 million) over the next five years to create more than 10,000 jobs for regional communities around Korea. The company is the operator of Korea's dominant cryptocurrency exchange, Upbit.

The drive is part of the firm's efforts to help young people here catch up with the era of the so-called Web 3.0 ― which refers to the upcoming third-generation internet featured with trendy technologies, such as machine learning, artificial intelligence and blockchain.

Under the vision, Dunamu will establish regional offices in the nation's major metropolitan cities including Busan, Daegu, Gwangju and Daejeon with a view to offering more opportunities to young people nationwide. The company has also drawn a blueprint for a series of consulting programs to help 500 startups in the aforementioned tech areas to stand on their own feet.

The company said the latest decision came as part of its corporate social responsibility to help more companies and young workers expand their footing globally.

"We are going to contribute more to enhancing Korea's industrial competitiveness by creating more quality jobs and engaging in aggressive investment activities in next growth areas such as blockchain, non-fungible tokens (NFT) and metaverse," Dunamu CEO Lee Sirgoo said.

The areas are the key focus of Dunamu's business. The company generates most of its revenue from the crypto subsidiary which achieved outstanding earnings growth last year on booming crypto investor sentiment.

Upbit is the unmatched leader in the local crypto market, with a market share of more than 80 percent. Dunamu chalked up 3.27 trillion won in operating profit last year, up 3,600 percent from the previous year, on the unprecedented crypto bull market.

Despite the record earnings, Dunamu remains agile in its efforts to find its next cash cow due to the volatile nature of the crypto market.

"We will step up more efforts for not just Dunamu, but Korea to strengthen global competitiveness in the era of the Web 3.0, and keep taking steps to give back to regional society here by helping educate young people in the promising tech areas."

Dunamu CEO Lee Sirgoo, left, poses after donating 1 billion won worth of tablet PCs to the Korea Student Aid Foundation, at the latter's office in Seoul, June 22. Courtesy of Dunamu

Co-prosperity with startups

Dunamu, established in 2012, has expressed its strong willingness to become more socially responsible particularly for the sake of co-prosperity with local startups.

The company has so far invested a total of 88 billion won over the past four years in startups and tech-savvy young people. Dumanu also operates its investment arm, Dunamu & Partners, which has also contributed to creating more jobs here by investing in 93 billion won in local startups.

Dunamu donated 20 billion won to Seoul National University last year, which has been used to award scholarships to students, build a better research environment and hire international faculty, the company said.

The company also runs a special education program for teenagers here. Duniverse, the firm's digital finance education program, consists of a total of eight lectures on the Fourth Industrial Revolution and a basic level of finance. More than 4,800 students in 20 schools nationwide will go through the education program this year alone.

A Dunamu employee gives a lecture on the firm's digital finance education program at a middle school in Bucheon, Gyeonggi Province, in early May. Courtesy of Dunamu

The company is also ramping up financial support for young people from low-income families by setting up the so-called "Next Steppers" fund worth 5.8 billion won. The fund was raised from the interest profit Upbit received from customers' deposits last year. Dunamu focused on helping those exposed to financial risks after receiving illegal loans, and young people facing a heavy debt burden.

Dunamu has also donated state-of-the-art digital devices to 1,250 college students from socially vulnerable groups. The company decided to do so for more young people to catch up with the digital trends and grow their dreams in the tech sector.

Dunamu is also a frontrunner in the environmental, social and corporate governance (ESG) management in the local crypto industry. In April, the company established the ESG management committee for the first time among local exchanges here, and shared its grand vision of investing 100 billion won by 2024 for ESG management.

Top executives of the company such as Dunamu co-founder and Chairman Song Chi-hyung, Vice Chairman Kim Hyung-nyeon and Lee are now serving as the committee members. The committee picked tree, youth and investor protection as the three keywords for its ESG management.

"Dunamu will continue to spare no efforts in creating social value and helping support talented young people under the ESG management vision," a spokesperson at Dunamu said. "We will keep delivering a message of hope to every corner of society under our management philosophy: contribution to the future generations with tech-driven finance."