South Korean Exchange Invested $46 Million to Develop Blockchain

Asia Blockchain Review
May 29, 2019

Dunamu & Partners, a South Korean company that owns the Upbit crypto exchange, has disclosed that the company spent US$46 million since March 2018 to support the development of blockchain startups.

According to Cointelegraph, Dunamu & Partners — a subsidiary of the parent company Dunamu — has funded a total of 26 businesses over the past one-year period. The company has also announced that it plans to invest 100 billion won (US$84 million) into the startup ecosystem.

In an interview with Korean business news outlet The Investor, CEO of Dunamu & Partners Ryan Lee revealed, “Our goal is to contribute to the healthy growth of the blockchain ecosystem by actively investing in startups with world-class technology and services with potential for real-life implementation.”

“Dunamu and Dunamu & Partners’ strategy of identifying and investing in innovative tech and finance startups, regardless of size, stage and region will continue in 2019,” Lee said.

The startup ecosystem in South Korea is seeing more investment in both cryptocurrency and blockchain businesses. A Japanese fund recently poured US$200 million into the Bithumb exchange in April 2019, while Korbit is negotiating a deal with Disney Corporation that could be worth up to US$13.2 billion.

Meanwhile, South Korea’s internet firm Kakao Corporation has been proactively carrying out projects related to cryptocurrency. Kakao confirmed that it will introduce its own blockchain platform in mid-2019.

Dunamu has been focused on investing in startups that are developing blockchain platforms and solutions that can be implemented for mainstream use, such as content creation and regulatory and compliant fintech.

Source: cointelegraph.com


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