S. Korean Lambda256 Closes $60M Series B at $300M Valuation
The Dunamu company offers BaaS to corporations.
Dec 16, 2021 at 7:40 a.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/TIMRELNSGBFS7OL7RB5YCMFH7I.jpg)
Gyeongbokg palace in Seoul. (Image credit: Chan Young Lee/Unsplash)
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.
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Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.
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