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About Dunamu
Dunamu is a South Korean fintech company best known for operating Upbit, the country's largest digital asset exchange. Its core business spans digital asset trading, blockchain technology development, and stablecoin payment services. The company's key competitive edge lies in its proprietary Layer 2 blockchain (Giwa Chain) and its ability to integrate traditional finance with blockchain infrastructure, as demonstrated by partnerships with Visa for stablecoin-based payments and global remittances, and with Hana Financial Group and POSCO International for blockchain-based cross-border settlement.
Market pain points Dunamu addresses include inefficiencies in cross-border payments (high fees, slow settlement via SWIFT), lack of transparency in B2B fund settlements, and the need for regulatory-compliant digital asset services. The company tackles these through blockchain-based messaging and settlement systems, AI-driven payment infrastructure, and compliance-first exchange operations.
In the past six months (Feb-Aug 2026), Dunamu has focused on expanding its stablecoin payment business with Visa, testing blockchain-based trade finance solutions, and continuing to develop its Giwa Chain ecosystem. However, the company has faced significant financial headwinds due to the crypto market downturn. Its Q2 2026 operating profit fell 73.3% quarter-on-quarter to 23.5 billion KRW, and revenue dropped 26.1% to 173.5 billion KRW. The company also recorded a 687.8 billion KRW impairment loss on its digital asset holdings, as the value of its Bitcoin and Ethereum holdings declined sharply amid the market slump.
Dunamu, the operator of South Korea's largest crypto exchange Upbit, has evolved from a fintech startup into a key player in the nation's digital asset ecosystem. In 2024, it became the first crypto exchange operator to connect to the administrative information sharing system, a regulatory milestone that enhanced transparency and compliance. In 2025, the National Police Agency selected Dunamu as the preferred external custodian for seized digital assets, marking institutional trust in its infrastructure. Circle signed a comprehensive MoU with Dunamu to collaborate on stablecoins, positioning the firm within the global stablecoin ecosystem. Hana Financial Group invested approximately $667 million for a 6.55% stake, followed by Samsung-affiliated and other investors acquiring nearly 20% in May 2026, valuing Dunamu at around $15.3 billion. Naver Financial's equity swap with Dunamu, though delayed to December 31, 2026, aims to integrate Naver Pay with Upbit's trading infrastructure, potentially creating a dominant digital finance platform. However, Dunamu faces regulatory scrutiny: the FSC is reviewing whether Hana Bank's acquisition violated rules, and the financial regulator initiated sanction procedures over the November 2025 hack. Q1 2026 operating profit fell 78% year-over-year, and Q2 dropped 85%, reflecting market downturns. These milestones highlight Dunamu's dual trajectory of institutional integration and regulatory challenges.
In the past six months, Dunamu completed several strategic partnerships. Samsung Securities, Samsung SDS, and Samsung Card jointly acquired a 4% stake in Dunamu (KRW 612.8 billion) to expand into digital assets and tokenized securities. Hana Financial Group invested KRW 1 trillion to become the fourth-largest shareholder, collaborating on blockchain-based cross-border remittance, a KRW stablecoin ecosystem, and integrated wealth management using Dunamu's Kiwa Chain; a remittance PoC was completed and field verification is underway with POSCO International. Dunamu signed a strategic partnership with Visa in August to explore stablecoin payments, settlement, and AI-agent payment infrastructure, considering stablecoins like OUSD.
Future priorities are clear: stablecoins (especially KRW), tokenized assets, blockchain payments, AI-agent economy, and cross-border remittance, leveraging Naver's AI and commerce capabilities to build next-generation financial infrastructure.
Dunamu, a South Korean fintech company, operates Upbit, the nation's largest crypto exchange. Key leaders include:
Song Chi-hyung (Founder & Chairman): Founded Dunamu in 2012, previously worked at mobile payment firm Danal. Holds a bachelor's degree in computer science and economics from Seoul National University.
Kim Hyoung-nyon (Co-founder & EVP): Co-founded Dunamu, also previously worked at Danal. He is a billionaire according to Forbes.
Kyoungsuk Oh (CEO): Currently serves as Chief Executive Officer.
SeonJoo Yoon (Chief Brand & Impact Officer): Oversees brand and impact initiatives.