Dunamu, the South Korean fintech company behind the world’s largest crypto exchange Upbit, saw its first quarter operating profit drop 78% year-on-year to 88 billion won (about $59 million), According to reports.
The company revealed through the Financial Supervisory Service on the 15th that consolidated sales for the first quarter fell by 55% year-on-year to 235 billion won, compared to 516 billion won last year. Operating profit dropped from 396 billion won to 88 billion won.
Profits also fell by 78% year-on-year, to about 70 billion won against 321 billion won at the same time last year. Mr. Dunamu cited the decline in sales in the commodity market caused by the global recession as the main reason for the reduction in investment.
Since investment accounts for 97% of the company’s revenue, the market downturn also affected customer deposits. Deposits stood at about 5 trillion won in the first quarter, down 11% from the end of last year.
Dunamu acquires Hana Bank’s $670 million investment in a major crypto banking deal
Man you have received it 1 trillion ($670 million) from Hana Financial Group.
As part of the transaction, Hana Bank will purchase a 6.55% stake in Dunamu from Kakao Investment, becoming the company’s fourth shareholder. The two companies also agreed to collaborate on infrastructure development to create a successful stablecoin ecosystem.
Separately, Naver Financial, a subsidiary of Naver Corp., agreed in November 2025 to buy Dunamu in an all-stock deal worth about $10 billion. The company is said to be considering an IPO after completion.
