Report: Upbit Parent Company Dunamu Reveals Plan To Create 10,000 Jobs With $380 Million Investment

Upbit parent company reveals expansion and investment plans despite market conditions.

On Tuesday, leading Korean Fintech company Dunamu, operators of leading Korean crypto exchange, Upbit, revealed plans to create 10,000 Web 3 jobs with a $380 million investment over the next five years, according to reports from The Korea Herald.

The company says it will launch two platforms, the “UP Start Incubator” and “UP Start Platform,” to achieve this goal. As per the report, the UP Start Incubator would provide consulting services for early Web 3 startups and firms looking to transition to Web 3. At the same time, the UP Start Platform would connect startups to Dunamu’s investment and subsidiary network.

Dunamu’s goal is to raise 500 startups within this period, creating 8000 jobs, while it plans to hire about 1000 developers.

“Dunamu will contribute to strengthening national industrial competitiveness by actively investing in new future growth industries such as blockchain and creating jobs,” said Dunamu chief Sirgoo Lee.

It is worth noting that Dunamu’s expansion and investment plans come at a difficult time for the crypto markets. The plummeting prices of cryptocurrency in the past eight months have put a lot of strain on the revenue of crypto firms. Notably, several crypto lenders have folded under pressure, some leading crypto exchanges have had to downsize to rein in costs, and miners have capitulated, selling their crypto mining rewards.

As The Crypto Basic reported on June 2, Gemini revealed plans to reduce its headcount by 10%. Barely two weeks later, the largest exchange in the US, Coinbase, followed suit, laying off over 1000 workers.

However, during this time, aside from Upbit, there have been others that have also revealed plans to expand. For example, as previously reported, Binance and Ripple have revealed plans to recruit more talent, with Binance looking to fill 2000 positions.