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

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

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

The Dunamu company offers BaaS to corporations.

The Dunamu company offers BaaS to corporations.

The Dunamu company offers BaaS to corporations.

By Eliza Gkritsi
AccessTimeIconDec 16, 2021, 7:40 AM
Updated May 11, 2023, 4:11 PM
Gyeongbokg palace in Seoul. (Image credit: Chan Young Lee/Unsplash)
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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.

STORY CONTINUES BELOW

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

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Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.

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