Dunamu, operator of the Upbit crypto exchange, saw a significant profit boost in 2024, largely due to Bitcoin halving and favorable economic conditions.
Financial Results for 2024
Dunamu reported a substantial increase in revenue and profit for 2024. The company's revenue reached KRW 1.7316 trillion, up 70.5% from the previous year. Operating profit surged by 85.1% to KRW 1.1863 trillion, while net income rose by 22.2%.
Impact of Bitcoin Halving and US Policies
Among the factors contributing to the growth, the company highlighted Bitcoin halving and improved investor sentiment. The anticipation of pro-crypto policies in the US following Donald Trump's election and the Fed's rate-cut stance were also cited.
Legal Triumphs for Upbit
The earnings report was released alongside a legal win for Upbit. A South Korean court temporarily lifted a three-month business suspension that prevented the exchange from onboarding new clients. Previously, in February, the country's Financial Intelligence Unit sanctioned Upbit, blocking deposits and withdrawals for new users, alleging rule violations. Dunamu contested this decision in court and obtained a temporary lift of the ban.
Dunamu experienced a successful year amidst significant changes in the crypto world and improved legal conditions for Upbit.
