Korean Fintech giant Dunamu will create 10,000 Web3 jobs and invest $ 380 million (report)

Dunamu – the company behind South Korea’s leading crypto exchange Upbit – plans to invest 500 billion won ($ 380 million) over the next five years and create about 10,000 new jobs.

Expansion in the middle of the crypto winter

The bear market and the outflow of investors’ interest in the industry has led many companies to reduce costs and lay off some employees. Stock exchanges such as Coinbase, Bybit and Gemini are some examples.

However, a few companies have decided to take advantage of the opportunity and invest millions in their business, aiming for a future expansion and a stronger presence in the sector. This seems to be the case with the South Korean fintech company Dunamu.

It aims to distribute nearly $ 380 million over the next five years, creating thousands of new jobs for Koreans. In addition, Dunamu intends to nurture 500 blockchain startups and recruit around 1,000 developers.

“Dunumu will work together to strengthen national industrial competitiveness by actively investing in new future growth industries such as the blockchain and creating jobs.” – said CEO Sirgoo Lee.

Founded in 2012, Dunamu is headquartered in Seoul and is one of the country’s leading fintech companies. In 2017, it launched Upbit – one of the largest cryptocurrency exchanges in South Korea.

Binance also does not press the brakes

One month ago, the world’s largest crypto platform – Binance – showed that the downturn in the digital asset market is not such a major concern. In fact, CEO Changpeng Zhao believes that bear markets are a great time when companies should hire more employees and expand their business.

“We have a very healthy war chest, we are actually expanding our employment right now,” the leader said at the time.

Prior to that, the company obtained two European regulatory approvals. First, the French Financial Supervisory Authority – Autorité des Marchés Financiers (AMF) – approved it to register as a Digital Asset Service Provider (DASP) in the country. Later, the Italian watchdogs and the local Ministry of Finance nodded to launch in Italy.

Last week, the Bank of Spain gave the green light to Binance’s subsidiary Moon Tech to register as a Virtual Asset Services Provider (VASP) in the Iberian nation. This enabled the trading venue to offer crypto exchanges and custody options to Spanish customers.