By Anna J. Park
Dunamu, the operator of cryptocurrency exchange Upbit has joined the elite ranks of Korea's "decacorns," or a startup company valued at over 10 trillion won ($10 billion), which include e-commerce giant Coupang and leisure reservation app Yanolja.
According to investment banking industry sources, Dunamu recently raised around 100 billion won from investors.
Altos Ventures, Hana Financial investment and Saehan Venture Capital purchased existing Dunamu shares from investors including Atinum Investment. Saehan Venture Capital injected 60 billion won into the blockchain tech company. Hana Financial also injected 30 billion won and Altos 10 billion won into Dunamu. The stock was traded at around 300,000 or 350,000 won per share at the investment round, which brings the blockchain tech firm's corporate value to stand at around 10.2 trillion won.
Dunamu's corporate valuation has grown rapidly. Its value estimated in February's investment by DSC Investment stood at 1.5 trillion won and rose to 6.7 trillion won in April.
Founded in 2012, Dunamu has offered various fintech services, including Stock Plus Unlisted ― a mobile platform for trading in unlisted private company shares. The company also launched cryptocurrency exchange Upbit in late 2017, becoming the country's number one coin exchange.
Based on the leading position in the lucrative coin market, Dunamu generated 590 billion won in sales during the first quarter this year. And a whopping 92 percent of the quarterly revenue was operating profit. The blockchain company is expected to achieve an operating profit of over two trillion won this year.
Market watchers believe that if Dunamu goes public in the near future, the company's corporate value could rise to 30 trillion won.