Dunamu Q1 Financial Report With 30% Decreased Compared To Q1/2022

Key Points:

• The latest quarterly report released by South Korean crypto exchange Upbit operator Dunamu shows that the consolidated operating income in the first quarter of 2023 was $231 million.
• Compared with the same period last year, it decreased by 28.6%.
• The continuous fall in global liquidity is to blame for the drop in sales and profitability.

South Korean cryptocurrency exchange Upbit operator Dunamu, a blockchain and fintech startup, stated on May 30 that it had released a quarterly report for the first quarter of 2023.

According to the Financial Supervisory Service’s computerized declaration, Dunamu’s operational revenue (sales) on a consolidated basis in the first quarter of 2023 was KRW 304.8 billion, a 28.6% decrease from the same time last year (KRW 426.8 billion). Operational profit was KRW 211.9 billion, a 26.3% decrease from the previous year (KRW 287.8 billion), but net profit was KRW 326.3 billion, a 54.9% increase.

Dunamu, which was founded in April 2012, offers services in the sectors of digital assets, securities, and asset management. Lately, the firm has been preparing for the full-fledged Web 3.0 era by employing new technologies like non-fungible tokens (NFT) and metabus, with the goal of providing safer and more convenient transactions for valuable goods.

The continuous loss in global liquidity, the economic slump, and the overall deterioration in investor mood are all contributing to the drop in sales and earnings. Dunamu is also one of the companies affected by the downturn. The rise in net profit of the company was mostly attributable to an increase in the value of digital assets, as the digital asset market rebounded from the previous quarter.

However, because Dunamu was included in the companies subject to external audit with 500 or more shareholders by securities, business reports, quarterly and semi-annual reports, and financial statements have been issued beginning in 2022.

Upbit said that the Digital Asset Exchange Association (DAXA) had lifted investment warnings on WAVES and KAVA and has resumed deposits for these assets.

DAXA is a grouping of South Korea’s top five cryptocurrency exchanges, which include UpBit, Bithumb, Coinone, Korbit, and Gopax. To avoid a repeat of the Terra Luna collapse, the group was founded.

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Harold

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