Dunamu envisions global blockchain platform leveraging on alliance with Hybe

[Source: Dunamu]

Dunamu, the operator of South Korea’s No.1 cryptocurrency exchange Upbit, will introduce a blockchain platform that supports global transactions of all virtual assets ranging from currencies to artworks and celebrity goods through strategic alliance with Hybe, the label behind BTS and owner of Ithaca Holdings, according to its chief executive on Tuesday.

“We are in the era of blockchain after the internet and mobile revolution,” Dunamu CEO Lee Seok-woo said during his first press conference held on the company’s metaverse platform 2ndblock. “We will create a communication space in a blockchain-backed metaverse platform to bridge the real world and a blockchain world.”

The virtual press conference was also attended by co-founder and chief vice president Kim Hyung-nyun, chief financial officer Nam Seung-hyun and chief strategy officer Lim Ji-hoon.

With a new blockchain platform, Dunamu plans to build a blockchain-based ecosystem and go global by enhancing non-fungible token (NFT) business. The company is confident in success of its bold plan thanks to the recent stellar performance in its mainstay business.

[Photo by Park Hyung-ki]

“Dunamu recorded 2.82 trillion won ($2.4 billion) in sales and 2.59 trillion won in operating profit from January to September, and it is expected to pay more than 1 trillion won in taxes,” said Lee. Its operating profit grew nearly 28 times from the same period last year.

Lee said Dunamu’s future strategies will center on ‘connecting’ and ‘unlocking value.’ “Dunamu’s best practices such as Upbit and Stockplus Unlisted are all trading platforms,” said Lee. “We will expand our assets to a wider range of sectors and go beyond borders to prove Dunamu’s winning strategies.”

Lee suggested four values to achieve the goal – value maximization, diversification, globalization and sustainability enhancement. The company plans to establish a platform that supports transactions of every asset including arts and fandom-based merchandises by scaling up Upbit NFT, its NFT beta service, as every physical asset of the real worlds will become valuable in the digital world, he said.

Dunamu plans to form a joint venture with Hybe, a label behind BTS, to enter the United States. The company bought 700 billion won worth new shares of Hybe which in turn invested 500 billion won in Dunamu early November to strengthen their partnership.

Lee also said he is looking for opportunities to cooperate with traditional banking industry including Woori Bank in which Dunamu has a stake. Regarding the rumors related to the company’s plan to list on Nasdaq, he said nothing has been confirmed but the company will one day go public.

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