Surge in Operating Profits of Dunamu and Korbit Amid Cryptocurrency Investment Frenzy

[Image source=Yonhap News]

[Asia Economy Reporter Minji Lee] Last year, fueled by the cryptocurrency investment boom including Bitcoin, the profits of cryptocurrency exchange operators significantly increased.

According to the consolidated financial statements (including subsidiaries) of Dunamu, which operates the exchange 'Upbit,' operating profit last year was recorded at 86.6 billion KRW. This is about double the operating profit of 42.6 billion KRW in 2019.

During the same period, operating revenue (sales) also increased by 26%, from 140.2 billion KRW to 176.7 billion KRW, and net profit grew about fourfold from 11.7 billion KRW to 47.7 billion KRW.

Cryptocurrency exchange Korbit also succeeded in turning a profit last year for the first time in three years. According to Korbit's management performance report, net profit last year was 5.8 billion KRW, marking a profit for the first time since 2017. Last year's sales were 2.8 billion KRW, and operating loss was 8.6 billion KRW.

O Sejin, CEO of Korbit, said, "Since cryptocurrency prices have been steadily rising since the beginning of the year, we will expand cryptocurrency listings and increase customer touchpoints through differentiated content to turn operating profit into a surplus."