Dunamu
Dunamu operates Upbit, South Korea's largest cryptocurrency exchange with 80%+ domestic market share, serving 13 million-plus retail and institutional investors with proprietary GIWA Chain blockchain infrastructure for trading, cross-border remittances, and stablecoin services.
- Company typePrivate
- Founded2012
- HeadquartersSeoul, South Korea
- Headcount501–1,000
- GTM typeB2B and B2C
- OfferingSoftware
What Dunamu does
Dunamu Inc. is a Seoul-headquartered fintech company that operates Upbit, South Korea's largest cryptocurrency exchange, where it commands more than 80% of domestic trading volume and processed approximately 833 trillion won (~$642 billion) in trading during the first half of 2025. The company's core technology stack includes the proprietary GIWA Chain and Kiwa blockchain platforms, which underpin both the exchange infrastructure (matching engine, risk management, market operations) and emerging blockchain financial services such as cross-border remittances intended to replace SWIFT messaging, won-backed stablecoin infrastructure, and digital asset custody. The platform serves an estimated 13 million-plus Korean retail virtual asset investors plus institutional clients, with deep integration into the Korean banking system through Kbank (which derives roughly 24% of its deposits from Upbit flows), Hana Financial Group, and Samsung Securities/SDS/Card.
Dunamu's business model is overwhelmingly transaction-fee-based, with trading platform commissions accounting for 98.3% of the ~$1.03 billion in revenue recorded for 2025; this revenue declined 10% year-on-year, with operating profit of $573 million (-26.7% YoY) and net profit of $468 million (-27.9% YoY) reflecting softer crypto trading volumes. The company is repositioning itself through a series of strategic moves: it has signed technology and operating partnerships to license Upbit infrastructure to Indonesia Crypto Exchange (ICEx), MoUs with Circle for stablecoin education and with Hana Financial and POSCO International for blockchain remittances, and won the South Korea National Police Agency contract to custody seized crypto assets. In May 2026, Samsung entities and Hana Financial together invested over $1 billion in secondary purchases from exiting Kakao, while a previously announced $10.3 billion all-stock merger with Naver Financial, intended to create an AI-Web3 platform with 10 trillion won in planned five-year investment, has been delayed twice and now targets a December 31, 2026 closing pending regulatory review and the pending Digital Asset Basic Act.
Dunamu firmographics
Firmographics- Name
- Dunamu
- Legal name
- Dunamu Inc.
- Website
- http://www.dunamu.com
- Company type
- Private
- Founded year
- 2012
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Dunamu operates Upbit, South Korea's largest cryptocurrency exchange with 80%+ domestic market share, serving 13 million-plus retail and institutional investors with proprietary GIWA Chain blockchain infrastructure for trading, cross-border remittances, and stablecoin services.
- Ownership category
- akta.pro rank
Dunamu industry classification
Industry- Product category
- Cryptocurrency Exchange
- NAICS
- Securities and Commodity Exchanges (523210)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Crypto-Enabled Cross-Border Transfers & On/Off-Ramps (FSAGAKAO)
- akta.pro secondary industries
- Crypto Remittance & Cross-Border Money Transfer Providers (FSADAIAD), Treasury Management & Corporate Crypto Yield Programs (FSADAHAL)
Keywords
Where Dunamu is headquartered
LocationHeadquarters
- HQ city
- Seoul
- HQ country
- South Korea
- HQ region
- Asia
Offices1 record
Markets served
Dunamu business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Trading Platform Commissions: Dunamu generates revenue primarily through commission fees charged on cryptocurrency trades executed on the Upbit exchange. Trading platform commissions account for 98.3% of total revenue. The company saw revenue decline 10% year-on-year to approximately $1.03 billion in 2025 due to lower cryptocurrency trading volumes.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Trading commission-based model |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels2 records
Dunamu product offering
Product offeringCore offering
Dunamu operates Upbit, South Korea's largest cryptocurrency exchange commanding over 80% domestic market share and handling 833 trillion won (~$642 billion) in trading volume during H1 2025. The company also develops proprietary blockchain infrastructure including GIWA Chain (for cross-border remittances replacing SWIFT) and Kiwa (for won-backed stablecoin development), and licenses exchange technology to partner venues such as Indonesia's ICEx.
Product overview
Dunamu operates a platform-plus-infrastructure model centered on Upbit, South Korea's dominant cryptocurrency exchange handling over 80% of domestic trading volume. The company complements its core exchange with proprietary blockchain technology (GIWA Chain and Kiwa) enabling financial services including blockchain-based cross-border remittance, stablecoin infrastructure, and institutional custody solutions. The products work together as an integrated digital asset ecosystem: Upbit provides the trading platform while GIWA Chain and Kiwa serve as underlying blockchain infrastructure for settlement, remittance, and stablecoin applications. Strategic partnerships with financial institutions (Hana Financial, Samsung entities, Kbank) extend these capabilities into banking, securities, and payment services.
Differentiator
Problem solved
Functional benefit
Brands
- GIWA Chain: Proprietary blockchain platform developed by Dunamu for cross-border remittance services, used in partnership with Hana Financial and POSCO International
- Upbit Long Drive Award
- Upbit Investor Protection Center
Products and services
- Upbit
- GIWA Chain
- Kiwa Blockchain
- Upbit Exchange Infrastructure (Technology Licensing)
Companies that use Dunamu
Customer profileNamed customers2 records
Segments2 records
Ideal customer profiles3 records
Dunamu technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration8 records
Feature3 records
Dunamu partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and flagship.
- POSCO InternationalcoreHana Financial Group, POSCO International, and Dunamu signed MoU to launch blockchain-based cross-border remittance system using Dunamu's GIWA Chain to replace SWIFT messaging for faster, lower-cost international transfers.
- CirclecoreDunamu signed MOU with Circle (USDC issuer) to cooperate on digital asset education, regulatory compliance, and transparency. Initial focus on developing educational programs covering stablecoins and digital assets.
- Indonesia Crypto Exchange (ICEx)coreUpbit (operated by Dunamu) signed MOU with ICEx to provide platform technology, operational expertise, and exchange infrastructure including matching, risk management, and market operations to support Indonesia's regulated crypto ecosystem.
- Naver FinancialflagshipNaver Financial agreed to acquire Dunamu in a $10.3 billion all-stock deal, making Dunamu a wholly owned subsidiary. The merger aims to create an AI-powered Web3 platform combining Naver's technology with Upbit's crypto infrastructure, with planned investment of 10 trillion won over five years. Deal has faced multiple delays due to regulatory reviews.
- KbankcoreKbank serves as Upbit's banking partner, providing real-name account services for cryptocurrency trading. Upbit deposits represent about 24% of Kbank's 30.4 trillion won deposit balance.
Scale indicators11 records
Recent moves6 records
Expansion highlights6 records
Dunamu competitors and assessment
Company assessmentBroad incumbents
- Binance: World's largest cryptocurrency exchange by trading volume with global presence. Operates broader crypto services (spot, derivatives, staking, tokenized products) at greater scale than Dunamu and represents the dominant global benchmark for exchange economics.
- OKX: Top-5 global cryptocurrency exchange offering spot, derivatives, and Web3 wallet services. Comparable as a large-scale exchange operator with diverse revenue streams and global footprint ambitions similar to Dunamu's expansion strategy.
Direct peers
- Coinbase: US-listed largest US cryptocurrency exchange offering retail and institutional trading, custody, and staking. Directly comparable as a regulated crypto exchange leader with diversified revenue streams and similar commission-based economics to Upbit.
- Bithumb: Second-largest South Korean cryptocurrency exchange directly competing with Upbit for Korean retail trading volume. Closest direct competitor sharing the same regulatory environment, customer base, and won-denominated trading dynamics.
- Korbit: One of the earliest Korean cryptocurrency exchanges, now owned by Nexon. Directly competes with Upbit in the Korean retail crypto market under the same FIU regulatory framework.
- Kraken: US-based cryptocurrency exchange offering spot trading, staking, and custody services to retail and institutional clients. Comparable as a regulated exchange competing for institutional digital asset flows with similar fee structures.
- Crypto.com: Global cryptocurrency exchange and card issuer serving retail customers with trading, staking, and payment card products. Comparable through its exchange operations and its parallel move into crypto card programs and stablecoin infrastructure (Crypto.com Coin).
Others
- Naver Financial: South Korean digital financial services arm of Naver Corporation and Dunamu's acquirer in the announced $10.3B stock swap. Comparable as the parent creating an integrated AI-Web3 platform and the strategic combination driving Dunamu's enterprise value.
- Kakao (Kakao Corp): Former majority shareholder of Dunamu that exited in 2026 at over 300x return. Comparable as the historical strategic investor and Korean tech conglomerate with adjacent digital finance and blockchain ventures that shaped Dunamu's corporate trajectory.
Emerging players
- Circle: USDC stablecoin issuer and regulated digital asset infrastructure company. Comparable as a strategic partner (Dunamu signed MOU) and as a competing stablecoin infrastructure provider relevant to Dunamu's won-backed stablecoin ambitions.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Dunamu social profiles
Digital presenceDunamu compliance and trust
Trust signalCompliance3 records
Dunamu financial estimates
Financial estimateRevenue estimate
Valuation estimate
Dunamu leadership team
Management profileNumber of profiles
Profiles7 records
Dunamu subsidiaries and ownership
Company hierarchySubsidiaries3 records
Dunamu funding detail
Funding detailFunding overview
Funding rounds14 records
Investors25 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Dunamu M&A and investment
M&A and investmentM&A1 record
Investments16 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Dunamu
What does Dunamu do?
Dunamu operates Upbit, South Korea's largest cryptocurrency exchange commanding over 80% domestic market share and handling 833 trillion won (~$642 billion) in trading volume during H1 2025. The company also develops proprietary blockchain infrastructure including GIWA Chain (for cross-border remittances replacing SWIFT) and Kiwa (for won-backed stablecoin development), and licenses exchange technology to partner venues such as Indonesia's ICEx.
Is Dunamu a public or private company?
Dunamu is a private company. It is classified as venture growth investor backed and is currently operating.
When was Dunamu founded?
Dunamu was founded in 2012. It employs 501 to 1,000 people.
Where is Dunamu based?
Dunamu is headquartered in Seoul, South Korea, in the Asia region.
How does Dunamu make money?
One revenue line is on record: trading Platform Commissions.
Who are Dunamu's main competitors?
Broad incumbents on record are Binance and OKX. Direct peers are Coinbase, Bithumb, Korbit, Kraken and Crypto.com. Others are Naver Financial and Kakao (Kakao Corp). Circle is listed as an emerging player.
Does Dunamu have an API?
No public API is recorded for Dunamu.
What industry is Dunamu in?
Dunamu's product category is Cryptocurrency Exchange. Its primary akta.pro industry code is FSAGAKAO, Crypto-Enabled Cross-Border Transfers & On/Off-Ramps, with a secondary code of FSADAIAD, Crypto Remittance & Cross-Border Money Transfer Providers. Its NAICS code is 523210 and its SIC code is 6200.