Upbit Operator Dunamu Q1 Earnings: Revenue Soars, Net Profit Dips

Key Points:

• Dunamu’s Q1 operating income and profit rose by 74% and 58%.
• Net income declined by 18% due to valuation changes in held assets.
• Dunamu is planning to stimulate the blockchain ecosystem.

Dunamu Q1 earnings show a 74% rise in operating income and a 58% increase in operating profit. However, net income fell by 18% due to accounting standards.

South Korea’s leading crypto exchange operator, Dunamu, which operates Upbit, released its Q1 results for this year. The figures show an operating income of 531.1 billion won and a net profit of US$198 million.

Dunamu Q1 Earnings Highlighting Performance

When compared to the previous quarter, there was a 74% rise in operating income and a 58% increase in operating profit, although net income experienced a 18% drop.

Dunamu stated that the surge in sales and operating profit resulted from a boost in trading volume due to the recovery in investment sentiment, spurred by growing interest in digital assets like the approval of the Bitcoin spot ETF in the U.S. in January.

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Factors Influencing Dunamu’s Sales and Profit Growth

The decrease in net profit was attributed to the reduced range of recognizable valuation profits for held virtual assets as per accounting standards.

Dunamu is actively striving to comply with the Virtual Asset User Protection Act, effective from July 19 this year. As the market order becomes established and the industry reaches a significant turning point, Dunamu plans various activities to stimulate the blockchain ecosystem.

Dunamu is also on the list of corporations subject to external audits with over 500 owners per security, necessitating the disclosure of business reports and quarterly and semi-annual reports.