Korean exchange operator Upbit posts record profits

South Korean crypto operator Dunamu has a tax bill in the amount of KRW 1 trillion ($ 843 million), as 2021 is the most successful year so far for its Upbit exchange .

According to Donga, Dunamu recorded cumulative operating profits of $ 2.2 billion in the first three quarters of the current fiscal year.

Crypto trading has seen a lull during the 2018-2020 period in South Korea following a boom in 2017. But in the first months of 2021, the crypto fever ( Crypto Fever 2.0 ) took hold in the country – to such an extent. point that next year’s presidential elections could even be decided by votes from cryptocurrency investors.

Regardless, the two big winners in the industry have arguably been Upbit – which overtook former market leader Bithumb to become the country’s favorite platform this year, and neobank K-Bank . The latter chose to partner with Upbit to provide real-name authenticated banking services – and saw its own customer base grow as a result.

Lee Seok-woo , CEO of Dunamu, said sales volumes were up 28-fold year-over-year. Upbit’s account holder base has “nearly tripled” in the space of 12 months, the outlet notes, from 3 million at the end of October last year to nearly 9 million at the end of October last year. end of October this year.

However, Mr Lee declined to answer whether Dunamu was considering a New York stock exchange listing, saying the company had “no specific plan”.

Market analysts have previously claimed the company is too large for national listing, leaving New York as the only likely destination for an initial public offering (IPO).

But the company appears poised for expansion overseas – and the United States is in its sights. The company said it hopes to create a platform for “virtual and real assets” and is looking for non-fungible tokens (NFTs) and metaverse-related activities.

The company is reportedly working on a joint venture in the United States involving Hybe , the talent agency behind popular boy band BTS .