Dunamu seeks to expand into overseas markets Korean crypto exchange’s CEO plans to explore new businesses to diversify revenue sources
Translated by Ryu Ho-joung 공개 2022-01-05 08:11:18
이 기사는 2022년 01월 05일 08:07 thebell 에 표출된 기사입니다.
Dunamu, the operator of South Korea’s largest cryptocurrency exchange Upbit, plans to expand into overseas markets this year as it explores new business opportunities to diversify revenue streams and reduce exposure to crypto’s notorious volatility.“2021 was the year we laid the groundwork for a new start,” Lee Seok-woo, Dunamu’s chief executive, told the bell. “We look forward to the new year with several new business plans.”
The number of the company's customers grew to nine million, up by nearly six million over the past year, on the back of a boom in the crypto market. It also received a license for virtual asset services from the country’s financial authorities in September last year.
“Setting up internal control systems such as KYC (know your customer) and AML (anti-money laundering) procedures on our own was one of our biggest achievements last year,” Lee said, adding that the company took the opportunity to strengthen its internal procedures.
Dunamu recorded revenue of 2.8 trillion won ($2.3 billion) in the first three quarters of last year, up 17 times year-over-year, with its 2021 full-year revenue believed to have significantly exceeded 3 trillion won.
Upbit represented a substantial part of the company’s total revenue. Lee said that he didn’t expect such rapid revenue growth at all and it is also difficult for him to predict revenue for this year because of the volatility of the crypto market.
Dunamu plans to expand its business into new areas this year to address crypto’s volatility and diversify revenue sources, with non-fungible tokens (NFT) being one of them. The company will establish a US joint venture with HYBE, home to K-pop sensation BTS, in the first half of this year to enter the NFT market.
“The NFT market has a significant growth potential because NFTs are very intuitive and easier to understand than other virtual assets,” Lee said. “The joint venture’s business model is likely to be selling NFT versions of artists’ work, which we expect will naturally lead to the creation of a secondary market where artists’ global fandom will participate.”
Dunamu also launched a beta version of its metaverse platform, 2nd block, where users can exhibit NFTs in December last year. “We started with a simple version and will continue to improve the service based on feedback from users,” Lee said. “Like the US metaverse platform Gather, it is also possible to offer our metaverse services to corporate customers.”
Market without borders
Upbit is South Korea’s largest crypto exchange with a market share of more than 80%, which has raised concerns about monopoly power. But Lee pointed out that the crypto market is borderless and global, saying that the market is “too large to define monopoly power only based on the domestic share”.
Dunamu chose VerifyVASP, a travel rule compliance solution launched by its blockchain unit Lambda256. Alliance with crypto exchanges in Southeast Asia driven by VerifyVASP will help the company speed up expansion into the global market, Lee said.
Lee also commented about speculation on the company’s potential listing. “I know there are rumors and I want to be clear that no decision has been made about when and where to go public,” Lee said. “We are looking at what is the best interest for the company and shareholders.” (Reporting by Yun-ju Roh)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
관련기사
best clicks
최신뉴스 in 전체기사
-
- '재무개선' AJ네트웍스, 조달비용 '확' 낮췄다
- '9년만에 엑시트' 한앤코, 한온시스템 거래구조 살펴보니
- 한국타이어앤테크놀로지, 한온시스템 인수한다
- [수술대 오른 커넥트웨이브]2대주주 지분매입 나선 MBK, 주식교환 카드 꺼냈다
- [이사회 모니터]이재용 에이비프로바이오 대표, 바이오·반도체 신사업 '드라이브'
- 와이투솔루션, 주인 바뀌어도 '신약' 중심엔 美 합작사 '룩사'
- 아이티센, 부산디지털자산거래소 본격 출범
- 아이에스시, AI·데이터센터 수주 증가에 '날개'
- [이사회 모니터]서정학 IBK증권 대표, ESG위원회도 참여 '영향력 확대'
- SW클라우드 '10주년' 폴라리스오피스, “초격차 밸류업”