Korea’s largest cryptocurrency exchange operator to invest W100b in blockchain tech

Dunamu, the operator of South Korea’s largest cryptocurrency exchange Upbit, backed by local mobile messaging giant Kakao, announced Monday that it plans to invest 100 billion won ($92.5 million) toward blockchain technologies over the next three years.

The exchange operator said it would invest in blockchain tech startups and firms pursuing areas that can be integrated with blockchain, including data analytics and management, artificial intelligence and financial technology via mergers and acquisitions as well as equity investment.

Dunamu plans to set up a venture capital subsidiary, tentatively named Dunamu & Partners. It has tapped Lee Kang-jun, the chief investment officer of Dunamu, as the head of the new subsidiary. Lee was previously with McKinsey & Company, Softbank and Seoul-based e-commerce firm Ticketmonster.

“There is high interest in cryptocurrencies and blockchain in Korea. And now is a pivotal opportunity for Korea to become the global mecca of blockchain-based technologies,” Dunamu CEO Song Chi-hyung said in a statement. “Through this investment, we hope to become a foothold for youths who are interested in blockchain technologies to establish and run their own startups.”


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Source : koreaherald

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