South Korea: Fintech giant Dunamu plans to invest $ 385 million to create 10,000 Web3 jobs
Dunamu, South Korea’s fintech giant that operates several blockchains and securities platforms such as digital asset exchange Upbit, has revealed plans to invest KRW500 billion ($ 385 million) in the Web3 site.
As reported by the local news media Korea JoongAng Daily, the South Korean fintech giant expects that the investment will be able to create 10,000 jobs in the Web3 area over the next five years. CEO Lee Sirgoo said in a statement that apart from creating jobs, the investment will strengthen the competitiveness of the domestic industry.
“We plan to strengthen the competitiveness of domestic industry through an active investment and job creation in the emerging future industries, such as blockchain, non-fungible token (NFT) and metaverse,” said Sirgoo
Dunamu says it will open offices in all major South Korean cities to distribute the funds. The company will also develop a training program to board new brains in the blockchain technology sector. This program will give preference to newly graduated college students who plan to create 500 new startups.
The announcement comes after the South Korean government also announced that it has budgeted KRW 223.7 billion (around $ 117.1 million) to invest in metaverse projects. The government initiative is part of the Digital New Deal project under the Ministry of Science and ICT.
However, the investment is not the first of its kind from Dunamu. In a similar program back in 2019, Dunamu revealed an investment of over $ 46 million in 26 different blockchain startups. In particular, this investment also came at the back of a bear market that so many digital asset companies are struggling with.
South Korean investigation of the digital assets industry is not going well
Despite a desire to promote blockchain technology adoption, the South Korean government has often reiterated that the industry needs regulation. The government is looking seriously at working on regulations for the industry they plan to introduce by 2024.
Before these regulations come into force, the government is also concerned with protecting investors. Several digital assets companies have already come under intensified investigation by the authorities, of which Dunamu is one.
In April, the Korea Fair Trade Commission expressed concern about Upbit’s monopolistic market share, saying it would put it under high scrutiny. Another company that has received similar treatment from the authorities is Terraform Labs (TFL), the core developer of the collapsed Terra blockchain.
See: Presentation of BSV Global Blockchain Convention, Factory: Powering Markets for BSV, NFTs & Other Digital Assets
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