Despite the current bear market, Dunamu announced plans to invest roughly $400 million in the cryptocurrency industry and create thousands of jobs.
Dunamu, the business behind South Korea’s top cryptocurrency exchange Upbit, intends to spend 500 billion won ($380 million) over the next five years and generate around 10,000 new jobs.
Numerous firms have reduced expenses and laid off some personnel as a result of the bear market and waning investor interest in the sector. Coinbase, Bybit, and Gemini are examples of exchanges.
A few companies however have opted to take advantage of the chance and invest millions in their operations in the hopes of future development and a greater position in the industry. The same seems to be true for the South Korean financial business Dunamu.
It intends to disburse almost $380 million over the next five years, therefore generating thousands of new employment for Koreans. In addition, Dunamu plans to foster 500 blockchain businesses and attract about 1,000 developers.
“Dunamu will assist in enhancing national industrial competitiveness by investing aggressively in innovative sectors poised for future development, such as blockchain, and by generating employment.” The CEO, Sirgoo Lee, said.
Dunamu, founded in 2012 and located in Seoul, is one of the major fintech startups in the nation. In 2017, it established Upbit, one of South Korea’s major cryptocurrency exchanges.
Neither Does Binance Apply the Brakes
Prior to a month ago, the world’s biggest cryptocurrency exchange, Binance, demonstrated that the downturn of the digital asset market is of little consequence. In fact, according to CEO Changpeng Zhao, bear markets are an ideal moment for firms to recruit more employees and grow operations.
The executive said back then, “We have a very robust war chest, and we are currently growing our recruiting.”
Prior to it, the firm obtained two regulatory licences in Europe. First, the French financial authority, Autorité des Marchés Financiers (AMF), authorised the company’s registration as a Digital Asset Service Provider (DASP) in France. Subsequently, the Italian regulators and the local Ministry of Economy approved the debut in Italy.
The Bank of Spain granted Moon Tech permission to register as a Virtual Asset Services Provider (VASP) in the Iberian country of Spain last week. This allowed the trading platform to provide exchange and custody options for cryptocurrencies to Spanish customers.
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