two of the biggest investors in Dunamu, the administrator of South Koreas prevailing cryptographic
money trade, are the initial two individuals in the country from the crypto business to become tycoons as the worth of their startup soar 21-overlap in under a year.
Last week, Hybe, the organization behind K-pop sensation BTS, purchased a 2.5% stake in Dunamu for 500 billion won (about $400 million), esteeming the crypto startup at $17 billion. The new valuation makes Dunamu one of the greatest esteemed new businesses in Korea, and its organizer and administrator, Song Chi-Hyung, and chief VP Kim Hyoung-nyon new very rich people. Forbes gauges that Song, 42, possesses about a fourth of Dunamu, while Kim, 45, claims around 13%. At Dunamu's new valuation, Song's stake in the just about 10-year-old startup is valued at $3.8 billion; Kim's is valued at $2 billion. (Forbes applies a 10% rebate to privately owned business valuations.)
In 2018, Forbes assessed Song held between $350 million and $500 million in digital currencies. Dunamu didn't react to a solicitation for input on how many digital forms of money Song and Kim at present by and by own.
We accept Dunamu as a blue-chip way of putting resources into the crypto-economy.
Altos Ventures accomplice Oh Moon-suk
Dunamu, which runs the digital currency trade Upbit, was recently esteemed at about $800 million in February when Seoul-based Hanwha Investment and Securities purchased U.S. semiconductor monster Qualcomm's whole 6% stake in the startup for around $50 million (Qualcomm put resources into Dunamu back in 2015). Furthermore, in September, Dunamu raised $85 million from funding firms, remembering Altos Ventures for Silicon Valley, at a valuation of around $8.7 billion.
"We accept Dunamu is a blue-chip way of putting resources into the crypto-economy," says Oh Moon-suk, a Seoul-based accomplice at Altos, which has supported any semblance of Coupang, Krafton and fintech unicorn Viva Republica. "Upbit is the essential exchanging trade Korea that connects with the crypto-biological system and fills in as one of a handful of the crypto-trades allowed to acknowledge fiat cash."
Upbit was one of only a handful of exceptional Korean digital money trades that endure administrative investigation. Digital currency trades in Korea needed to get a security endorsement from the country's web security organization by September 24 to be perceived as legitimate exchanging stages, and secure associations with banks to guarantee to exchange accounts are held by genuine individuals. Many traders couldn't acquire the security testament and needed to shut down.
"While the crypto-environment is as yet in the beginning stage of advancement and the reception of cryptographic forms of money as a resource class still needs to be demonstrated, blockchain innovation and digital currencies as computerized resources are progressively acquiring store-of-significant worth validity exhibited by the developing number of institutional financial backer interest and expanding administrative clearness, adds Oh.
Hype is working with Dunamu to sell advanced photograph cards of BTS individuals as non-fungible tokens, which have detonated in fame this year. NFTs use blockchain innovation to confirm computerized collectibles, like show-stoppers and music. We are working with Dunamu to make a way of extending the fan insight, Bang Si-hyuk, the tycoon author of Hybe, said in an internet preparation last week. "We will unite the abilities the two organizations have developed so far to present an especially intriguing advancement to the worldwide music and fintech ventures.
