Upbit Parent Company Dunamu Invested Nearly $50 Million in Blockchain Startups During Bear Market
Dunamu, the parent company for one of the world’s biggest cryptocurrency exchanges, Upbit, has disclosed that over the last year, it invested at least 55 billion Won – $46 million – in 26 different blockchain related startups with the aim of developing and expanding the blockchain and fintech spheres respectively.
Supporting the Industry
The investments primarily done through a subsidiary called Dunamu & Partners, officially kicked off in March last year with an exciting announcement that it planned to invest at least 100 billion Won – $84 million) into the blockchain sector in some way or the other, over a three year period.
According to Ryan Lee, the CEO of Dunamu & Partners:
“Our goal is to contribute to the healthy growth of the blockchain ecosystem by actively investing in startups with world-class technology and services with potential for real-life implementation.”
Dunamu, which is also the parent company for the Kakao Stock Trading app, has also revealed that the investments are for companies who will use blockchain to provide proper solutions across different sectors and also for fintech and the gaming industry. Some of the companies include:
- Tide Square – a South Korean travel company
- Fabric Time – a platform for trading fabric online
- Superbloke – a startup for the creation and deployment of blockchain solutions and services for football fans
- Magnis – a startup focused on the development of a gaming blockchain network called MAGNET
- Korean Credit Data – a startup developing mobile accounting software basically for Korean SME’s.
- Sandbox Network – a blockchain based multichannel network startup
- WAY2BIT – creator of blockchain platform for content distribution called BORA
- Terra – Developer of a stablecoin.
Dunamu disclosed 25 of the 26 startups and held back one for some reason.
Other Dunamu Projects
In February 2019, Dunamu & Partners along with SeaX, another investment firm, had earlier invested $3 million in a blockchain startup called Band Protocol. The startup focuses on content producers, rewarding them with tokens and staking.
In addition, Dunamu is also in a collaborative effort with Neptune – a games developer – and has been in this partnership since April 2018. This partnership was created to pull 100 billion Won – $84 million) for investments in other gaming companies who are developing blockchain solutions.
Generally, Dunamu & Partners plans to do a lot more funding in 2019, primarily targeting companies who are generally focused on improving global adoption of blockchain services and solutions as much as possible.