Upbit operator Dunamu reports 78% profit drop amid cooling crypto market
Crypto Briefing
South Korean crypto exchange operator Dunamu saw a 78% profit decline in Q1 due to reduced trading volumes and a market downturn.Summary
Dunamu, the operator of South Korea’s leading cryptocurrency exchange Upbit, reported a 78% year-on-year drop in operating profit to 88 billion won for the first quarter. This decline was driven by a 55% decrease in sales, primarily resulting from reduced market activity and lower trading volumes amid the global economic downturn. As transaction fees constitute 97% of Dunamu’s revenue, the broader market cooling significantly impacted the firm's financial performance. Meanwhile, the company continues to attract strategic interest, including a notable investment from Hana Financial Group and a planned acquisition by Naver Financial.
(Source：Crypto Briefing)