S. Korean Lambda256 Closes $60M Series B at $300M Valuation

The Dunamu company offers BaaS to corporations.

AccessTimeIconDec 16, 2021 at 7:40 a.m. UTC
Updated Apr 13, 2022 at 3:15 p.m. UTC

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

Lambda256, the blockchain arm of South Korean crypto exchange operator Dunamu, closed a $60 million (KRW 71 billion) Series B funding round, bringing its valuation to $300 million, according to a Wednesday press release.

  • The firm will use the funds to invest in its blockchain-as-a-service (BaaS) products, which are used by 3,300 corporate clients, according to the statement. Its flagship platform, Luniverse, helps companies build and manage blockchain systems.
  • Shinhan Venture Capital, Daelim, KB Investments and SBI Investments, which are new investors to the company, also use Lambda256′s BaaS products, the press release said.
  • Its owner Dunamu, as well as Hanhwa Systems, Chong Kun Dang, Yanolja, VTI Partners and DSC Investments also participated in the round.
  • Dunamu operates Upbit, one of South Korea’s largest crypto exchanges.
  • Lambda256 raised $15 million in a Series A in February, according to its website.

CORRECTION (April 13, 2022 15:15 UTC): The company's name is Lambda256, not Lambda265.

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Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

CoinDesk - Unknown

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

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