Upbit Operator Dunamu Invested $46 Million in Blockchain Startups in Last Year

South Korean firm Dunamu, operator of cryptocurrency exchange Upbit, says it invested $46 million in 26 blockchain startups over the last year.

AccessTimeIconMay 15, 2019 at 1:01 p.m. UTC
Updated Sep 13, 2021 at 9:12 a.m. UTC

South Korean fintech firm Dunamu, operator of cryptocurrency exchange Upbit, says it invested 55 billion won ($46 million) in 26 blockchain startups over the past year.

The firm said Wednesday that the investments have been made mainly via its subsidiary Dunamu & Partners, which was launched in March 2018. At the time of the launch, the firm announced a three-year plan to invest 100 billion won ($84 million) in the blockchain industry.

The investments have been into companies that are focused on developing core blockchain solutions, as well as those related to fintech and games, Dunamu said, which also operates the Kakao Stock trading app.

Portfolio companies now include stablecoin-based payments network Terra, fintech startup Rainist and gaming software firm Dalcom Soft, according to the announcement. Peer-to-peer lending platform Honest Fund, online travel agency Tide Square and blockchain-based investment platform Finhaven have also seen investments from Dunamu.

Ryan Lee, CEO of Dunamu and Partners, indicated that the firm will continue to invest in blockchain and fintech startups this year, regardless of their size, stage and region.

“Our goal is to contribute to the healthy growth of the blockchain ecosystem by actively investing in startups with world class technology and services with potential for real-life implementation,” said Lee.

In particular, the firm will focus on companies that will help drive mainstream adoption of blockchain-based services and mobile fintech services, as well as those centered around individual content creators, according to the announcement.

Indeed, earlier this year, Dunamu backed a $3 million seed round for blockchain startup Band Protocol, which incentivizes reliable content producers with token rewards and staking.

The firm added Wednesday that it also partnered with games developer Neptune in April 2018 to set up a 100 billion won ($84 million) fund to invest in blockchain-based gaming companies.

South Korean won image via Shutterstock 

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