Upbit Crypto Exchange Operator Dunamu Suffers 82% Drop in Profits
Dunamu, the South Korean operator of the Upbit crypto exchange, has seen year-on-year profits fall by a staggering 82% in the third quarter of FY2023.
The South Korean media outlet Business Post reported that Dunamu published its financial report for the third quarter of 2023 on November 28. The report’s highlights included the following:
Dunamu claimed that its economic performance had declined due to a rise in interest rates.
It also blamed the economic recession and falling cryptoasset prices. A Dunamu spokesperson said:
“We will strive to revitalize the blockchain ecosystem and create an advanced investment environment. We will do our utmost to provide innovative services based on Dunamu’s unique technological capabilities.”
The numbers make grim reading for a company that was – until recently – being talked up as the first South Korean crypto firm to attain official “conglomerate-size” status.
At the height of the last crypto bull market, South Korean financial experts claimed that Dunamu was preparing to float on the New York Stock Exchange.
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