Upbit Outperforms Traditional South Korean Banks in Earnings

South Korean crypto exchange Upbit is showing significant earnings, outpacing the country's traditional banks.

Earnings of Upbit's Executives

In the first half of this year, Upbit's executives and employees earned more than some of the richest bankers in the country. Song Dong-hyung, the chairman of Dunamu, Upbit's parent company, pocketed 4.75 billion won (around $3.55 million), most of which was a massive bonus of 3.3 billion won (about $2.47 million). For comparison, last year, his earnings were between 1.33 billion and 1.4 billion won, showing a 3.4 times increase compared to the same time last year.

Comparison with Traditional Banks

Citibank Korea's chairman Yoo Myung-soon earned 2.085 billion won (roughly $1.56 million) in the same period, including his salary of 280 million won and a bonus of 1.79 billion won. Hana Financial Group's chairman Ham Young-joo pulled in 1.82 billion won ($1.36 million), including his salary and bonuses. However, even with these earnings, they pale in comparison to Song's earnings at Upbit.

Dunamu Employees' Earnings

Dunamu's employees are also showing significant earnings. In the first half of this year, 601 employees at the company made an average of 133.73 million won (about $100,000), more than double their earnings for the same period last year, when they took home 59.44 million won. This means that the average Dunamu employee earns more in six months than some of South Korea's top bankers do in a year. Last year, employees at the four biggest banks—KB Kookmin, Shinhan, Hana, and Woori—earned an average of 116 million won ($87,000) annually. Dunamu employees are surpassing this figure in half the time.

In summary, Upbit and its parent company Dunamu are setting new standards and showing impressive earnings, leaving traditional banks far behind.