S. Korean Crypto Firm Dunamu To Invest $380 Million In A Span Of 5 Years

South Korean firm Dunamu plans to invest 500 billion won (over $380 million) over a course of five years to create nearly 10,000 new jobs and help build the economy of the country, according to a blog post.

Dunamu, the firm behind cryptocurrency exchange Upbit, is not affected by the prevailing bear market which has struck fear in the hearts of investors. The fintech firm aims to invest in over 500 blockchain startups, hire around 1,000 developers and aid these firms via startup consulting programs such as “UP Start Incubator” and “UP Start Platform.”

The UP Start Incubator provides consultation services to early-stage Web3 startups along with helping firms outside the crypto umbrella capitalize on the booming market. On the other hand, the UP Start Platform connects startups with Dunamu subsidiaries and investment companies equipped with blockchain technology.

"Dunamu will contribute to strengthening the competitiveness of the national industry through active investment and job creation in new growth industries such as blockchain in the future," said Dunamu CEO Seok-woo Lee.

Interestingly, Dunamu has plans to expand and open offices in major cities in South Korea, including Busan, Daegu, Gwangju, and Daejeon while also enhancing the convenience of users of “Upbit” (digital asset exchange), “Securities Plus” (Securities service platform), and “Stock Plus Unlisted” (unlisted stock trading platform).