Upbit crypto exchange's blockchain sister firm raises $60M

Published at: Dec. 16, 2021

Dunamu, the operator of major South Korean cryptocurrency exchange Upbit, is progressing with blockchain development as its blockchain arm Lambda256 secured new funding.

According to a Dec. 15 announcement, Lambda256 raised 70 billion Korean won ($60 million) in a Series B round, valuing the company at over $300 million. The firm is focused on enterprise-grade chains for businesses, building on its own blockchain protocol called Luniverse.

The funding round included major venture capital firms and individual investors like tech giant Hanhwa Systems, travel tech startup Yanolja, bikes manufacturer Daelim, DSC Investments, Shinhan Venture Capital, KB Investments and SBI Investments. Dunamu participated in the round as well.

Some of the new investors, such as Daelim and SBI Investments, are clients or partners of Lambda256 for a number of solutions including a blockchain-based decentralized identity management system, Luniverse nonfungible tokens (NFT) and Luniverse’s blockchain consortium chain.

The new funding will help Lambda256 further expand its Blockchain-as-a-Service products. “With the funding, we’re on a clear path to diversifying talent pools and accelerating our blockchain roadmap into various global ecosystems,” Lambda256 CEO Jay Jaehyun Park said.

Lambda256 is a sister firm of Upbit, one of the largest crypto exchanges in South Korea, with a total daily trading volume of $4 billion, according to CoinGecko.

Related: Korea's FSC confirms that NFTs will not be regulated

Lambda256 implemented its proprietary NFT technology for Upbit NFT, the crypto exchange’s NFT marketplace platform launched in November 2021. Earlier this week, Dunamu CEO Lee Sirg-oo reportedly announced global expansion ambitions, particularly referring to its joint NFT venture with South Korean entertainment company HYBE.

In August 2021, Lambda256 aso launched VerifyVASP, a regulatory compliant solution targeting virtual asset service providers to ensure data integrity in compliance with the “Travel Rule,” Anti-Money Laundering regulations by Financial Action Task Force.

Tags
Blockchain
Business
Cryptocurrency Exchange
Cryptocurrencies
Funding
South Korea
Upbit
Related Posts
30-somethings led crypto purchases at South Korean exchanges in 2021
Crypto users between 30 and 39 years old are the demographic with the most deposits on major exchanges in South Korea. According to a Sunday report from the Yonhap News Agency, South Korean residents in their thirties deposited roughly 2.2 trillion Korean won — $1.9 billion at the time of publication — to crypto exchanges Upbit, Bithumb, Coinone and Korbit by the end of the second quarter of 2021. South Korean teenagers have the fewest deposits at $3.4 million, but this was still an increase of more than 400% compared with the $824,000 that they deposited in Q1 2021. “All …
Business / Aug. 30, 2021
Why this platform could be a game-changer as crypto booms in South Korea
The crypto markets in South Korea have long stood out from the rest of the world, and a lot of this has to do with the “Kimchi premium,” which often causes Bitcoin (BTC) to trade on local exchanges at much higher prices than what’s seen elsewhere. Now, one cutting-edge platform is aiming to capitalize on the fervent interest for digital assets in the country, with an ambitious expansion of its services that sit at the crossroads between cryptocurrencies and gaming. GamerHash says it has already amassed more than 570,000 users in three years and is now planning to make inroads …
Blockchain / April 16, 2021
Hanwha to acquire $52M stake in crypto exchange Upbit’s parent company
South Korean conglomerate Hanwha Group is reportedly acquiring a stake in the parent company of major local cryptocurrency exchange Upbit. Hanwha Investment and Securities, the securities brokerage arm of Hanwha Group, has reached an agreement to buy a 6.15% stake in Upbit’ operator Dumanu for 58.3 billion won ($52.24 million), The Korea Herald reported on Feb. 3. According to the report, the acquisition of 2.06 million shares is scheduled to take place on Feb. 22. A representative from Hanwha said that the deal is a long-term investment for the company to keep up with the fast-growing fintech industry and digitization: …
Bitcoin / Feb. 3, 2021
Tax and KYC Issues Plague Upbit's Foreign Withdrawals, Exchange Says
A Jinse report said that many Chinese Upbit users are finding it difficult to withdraw Korean Won ever since December. Upbit has announced to its foreign users the reasons their withdrawals are still restricted on Feb. 19 in an announcement. Upbit said in the announcement that (Know Your Customer) KYC and Korean taxation on cryptocurrency among crypto exchanges are the two main reasons behind the restriction. Long wait for the KYC process Since mid-December in 2019, Upbit has enhanced its KYC process and had turned in all the required documentation and lifted the restriction on the foreign members who have …
Business / Feb. 20, 2020
Crypto payments solutions firm Ramp raises $53 million to increase adoption of dApps
On Wednesday, crypto-fiat gateway payments provider Ramp announced it had raised a $52.7 million Series A funding round led by Balderton Capital, NFX, Galaxy Digital, Seedcamp, Firstminute Capital, and angel investors. Ramp allows its partner brands to offer crypto-enabled services, claiming that it takes mere hours for developers to integrate their decentralized applications, or dApps, with its software. It has over 400 partners, including Axie Infinity, Mozilla, Opera Browser, Dapper Labs, Aave, Argent, Trust Wallet, and Zerion. The firm has regulatory approval in the U.S., U.K., and Poland. Current uses of Ramp include purchasing cryptocurrencies for storage in wallets directly …
Decentralization / Dec. 15, 2021