Dunamu, the operator of South Korea’s largest cryptocurrency exchange Upbit, reported record earnings last year as a global crypto rally, fueled by US-led digital asset momentum, lifted trading volumes.
Dunamu's operating profit jumped 85 percent on-year to 1.19 trillion won ($811 million) in 2024, according to the company’s corporate disclosure. Sales revenue soared 70.5 percent to 1.73 trillion won, while net income climbed 22 percent to 983.8 billion won.
The figures mark Dunamu’s highest-ever earnings, reflecting surging investor demand amid heightened optimism, especially over US President Donald Trump’s pro-crypto pledges, the firm explained.
“The earnings boost stemmed largely from increased global liquidity, driven by anticipation of Trump’s pro-digital asset policies following his election in November, as well as the Federal Reserve’s pivot toward rate cuts,” a Dunamu official noted.
Bitcoin, the world’s largest digital asset by market cap, topped $100,000 for the first time in December, shortly after Trump’s victory. As of Friday afternoon, it sat at around $87,000.
With South Korea home to the world’s second-largest crypto market, Upbit stands as the fourth-largest exchange globally. As of end-2024, the number of crypto investors in Korea jumped 52 percent on-year to 9.67 million, with their combined holdings surging to 105.1 trillion won.
jwc@heraldcorp.com
