what's Dunamu?
Dunamu is a South Korean technology company focused on digital assets and blockchain infrastructure. It owns and operates Upbit, a leading cryptocurrency exchange platform with operations in South Korea, Indonesia, Thailand, and Singapore. The company also runs Stockplus and U-Stockplus for securities and unlisted stock trading, and Onboard for electronic equity management for private companies. Dunamu develops blockchain-based financial services, including partnerships for remittance systems and crypto price tracking products like the BTC-ETH Duo Index. Its platforms emphasize secure trading, investment information, and technological expansion in borderless finance.
Dunamu's FY2025 revenue, profit, net income fell; trading fees comprised 98.3% of total revenue.
Reported FY2025 consolidated revenue of $1.07B (down 10.0% year-over-year), operating profit of $599M (down 26.7% year-over-year), and net income of $489M (down 27.9% year-over-year), with trading platform fees accounting for 98.3% of total revenue.
Partnered with Hana Financial Group for overseas payment systems using blockchain remittance technology
Launched BDACS regulated institutional custody service for XRP in 2025
Naver completes USD 10.3 billion acquisition of Upbit operator Dunamu in November 2025, driving total monthly crypto VC funding to surge 219% to USD 14.54 billion.
Naver and Dunamu announce KRW 10 trillion (~$6.8B) joint investment over five years to build AI and blockchain-based financial infrastructure, with Dunamu President Oh Kyung-seok confirming plans for KRW-pegged stablecoin issuance.
Korea Financial Intelligence Unit fined Dunamu 35.2 billion KRW ($24.35 million), with similar penalties expected for other Korean exchanges (Korbit, Gopax, Bithumb, Coinone) by first half of next year.
Entered stock swap agreement with Naver Financial, making Dunamu a 100% subsidiary with a 1:2.5423 share ratio at $303 per Dunamu share, implying $10.6B market cap. Dunamu's board meets November 26. Plans include joint KRW stablecoin and digital financial services.
Dunamu and Upbit host APEC CEO Summit event in Gyeongju-si, South Korea, featuring keynote discussions on stablecoins, programmable money, and DeAI.
Lambda256, Dunamu's blockchain arm, forms K-Star Alliance with Open Asset and Ahnlab Blockchain Company to enable compliant KRW stablecoin issuance on Kaia mainnet. The alliance partners with Line Next to develop Project Unify, a multi-currency stablecoin superapp reaching Line's 130m+ user base.
FTX sued Dunamu/Upbit for $53.4m in November 2024 over assets held on the exchange, alleging a Korean account received special privileges granting Alameda unlimited credit line tied to the $8bn fraud. Dunamu did not disclose the lawsuit during its Naver merger process.
Naver plans to make Dunamu (Upbit's parent company) a subsidiary through a share swap, aligning with Korea's push for stablecoin and crypto regulation.