Dunamu

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.

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

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

• Cryptocurrency exchange
• Digital asset trading
• Blockchain infrastructure
• Cross-border remittance
• Stablecoin development

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. 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

Go-to-market motion1 record

Distribution channels2 records

Marketing channels2 records

Core 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)

Named customers2 records

Segments2 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature3 records

Partnerships

Five partnerships are on record, tiered core and flagship.

• POSCO InternationalcoreStrategic or Co-development Partner · 29 April 2026Hana 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.
• CirclecoreStrategic or Co-development Partner · 13 April 2026Dunamu 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)coreTechnology or Integration · 1 April 2026Upbit (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 FinancialflagshipStrategic or Co-development Partner · 26 November 2025Naver 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.
• KbankcoreChannel Partner/ Reseller/ DistributorKbank 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

Broad 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

• Xtwitter.com/DunamuOfficial
• Facebookfacebook.com/DunamuOfficial
• LinkedInlinkedin.com/company/dunamu
• Instagraminstagram.com/dunamu_official

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries3 records

Funding overview

Funding rounds14 records

Investors25 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments16 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dunamu