Dunamu

Dunamu is a fintech and blockchain company that operates Upbit, the largest and first licensed digital asset exchange in Korea, and was the first virtual asset service provider (VASP) registered in the country under the 2021 regulatory regime.^[21][1] The company was founded by Song Chi-hyung, who led Dunamu as CEO before becoming chairman of the board of directors in January 2018.

The company is headed by Oh Kyoung-suk, who was appointed CEO shortly after Lee Sirgoo resigned in May 2025.^[1] Dunamu has expanded beyond exchange services into artificial intelligence initiatives, Web3 security training programs, and large-scale digital asset settlement infrastructure. It is also pursuing a share-swap plan under which it would become a wholly owned subsidiary of Naver Financial, subject to ongoing regulatory review.^[1][22]

Overview

Dunamu was established in April 2012 to provide digital and securities investment services, and operates Upbit, Korea’s largest and first licensed digital asset exchange, along with the stock application service Securities Plus.^[21][1] It also launched Securities Plus Unlisted to expand customers' access to unlisted equities and provides asset management services through Maplus for customers who find stock investment difficult.^[2]​

Since 2021, Dunamu has operated as Korea’s first registered virtual asset service provider and has invested in AI-based financial services, including an in-house AI conversion model that was rated first in a global evaluation index in early 2024, as well as a Web3 security training program launched through Upside Academy in 2024.^[1] In 2023 it upgraded Upbit’s settlement engine to handle up to KRW 1 quadrillion in daily digital asset settlements, positioning the exchange as part of the country’s broader financial infrastructure.^[1] Dunamu has also announced a planned share swap with Naver Financial that would make it a wholly owned subsidiary, but the transaction has been postponed multiple times and remains subject to competition, financial, and virtual-asset regulatory approvals.^[22]

Governance and Ownership

Dunamu was founded by Song Chi-hyung, who established the company in 2012 and later became chairman of the board of directors in January 2018.^[1] As chairman, Song oversees the company’s strategic direction while executive management is handled by the chief executive officer.^[1]

Lee Sirgoo served as CEO from late 2017 until his resignation, which was announced in May 2025 and took effect on July 1, 2025.^[23] In May 2025 Dunamu’s board nominated Oh Kyoung-suk as the next chief executive, and he was formally appointed CEO at a shareholders’ meeting on June 27, 2025.^[23]

Dunamu is in the process of being integrated as a wholly owned subsidiary of Naver Financial through a comprehensive share swap under which Naver would obtain full ownership while maintaining overall voting control.^[24] The transaction has been delayed multiple times and remains subject to approvals from Korea’s Fair Trade Commission and financial regulators, as well as to the evolving regulatory framework for digital assets, including the Digital Asset Basic Act.^[24]

Recent Developments

2026

On May 15, 2026, Hana Financial Group announced a KRW 1 trillion (approximately $668 million) investment in Dunamu, with Hana Bank acquiring a 6.55% stake from Kakao Investment.^[25] The partners began collaborating on blockchain-based financial services using Dunamu’s Giwa Chain network, including a proof-of-concept overseas remittance system completed in February 2026 that replicated key functions of the SWIFT payment system and commercial testing with POSCO International in April 2026, and outlined plans to develop infrastructure for a won-based stablecoin and cross-border payments covering issuance, payments, distribution, and integration with Hana’s international banking network.^[25]​

On August 28, 2026, Dunamu, the operator of South Korean cryptocurrency exchange Upbit, announced a partnership with Visa to explore stablecoin-based payment and financial services.^[20] The collaboration examines OUSD-based business models, cross-border remittances, and new payment and settlement experiences, combining Dunamu’s digital asset infrastructure with Visa’s global payments network and exploring AI-powered payment services and agentic commerce, with any commercial rollout dependent in part on South Korea’s evolving regulatory framework for stablecoins and digital assets.^[20]

In August 2026 South Korea’s Ministry of the Interior and Safety designated Dunamu as a joint administrative information-use institution, allowing Upbit to access eligible government-held administrative data directly for certain know-your-customer procedures.^[22] This approval followed regulatory scrutiny by the Financial Intelligence Unit and the Financial Supervisory Service over Upbit’s KYC and anti-money laundering controls and its response to a wallet breach reported in November 2025.^[22]​

In 2026 Dunamu and Naver Financial continued work on a proposed share exchange that would make Dunamu a wholly owned subsidiary of Naver Financial while Naver retains overall voting control.^[22] The transaction, which has been postponed twice, has an expected completion date of December 31, 2026, and remains contingent on approvals from the Fair Trade Commission and financial regulators overseeing major shareholder changes and financial transaction reporting requirements, amid broader changes such as the introduction of South Korea’s Digital Asset Basic Act.^[22]​

2025

In May 2025 Dunamu announced that CEO Lee Sirgoo would resign effective July 1, 2025, and nominated Oh Kyoung-suk as his successor; Oh was formally appointed CEO at a shareholders’ meeting on June 27, 2025.^[23]​

2023

In 2023 Dunamu upgraded Upbit’s settlement engine to handle up to KRW 1 quadrillion in daily digital asset settlements and adopted an upgraded anti-money laundering system, expanding compliance processes around Upbit and related services.^[21]​^[1]​

Blockchain

Dunamu’s blockchain-related businesses center on its operation of Upbit and a range of supporting platforms and services. These include market indices, development platforms, custody solutions, non-fungible token (NFT) marketplaces, and institutional trading tools that extend its role beyond retail exchange operations.^[21]

Within this broader portfolio, Dunamu operates Upbit NFT, an exchange launched in November 2021 that offers creator “Drops” and a secondary marketplace for trading NFTs minted across entertainment and other content categories.^[21] Upbit Data Lab, introduced in April 2025, provides an integrated digital-asset data platform that builds on Korea’s first cryptocurrency index to deliver indices, sector analysis, investment insights, and blockchain analytics for market participants.^[21] Dunamu’s subsidiary Lambda256 (see Luniverse) launched Nodit in March 2024 as a blockchain development platform offering node infrastructure, indexed on-chain data, Web3 APIs, and real-time event handling to support decentralized application development on multiple public networks.^[21]

On May 15, 2026, Hana Financial Group announced a KRW 1 trillion (approximately $668 million) investment in Dunamu, with Hana Bank acquiring a 6.55% stake via shares purchased from Kakao Investment.^[25] As part of the partnership, Hana Financial Group and Dunamu began collaborating on blockchain-based financial services using Dunamu’s Giwa Chain network, including a proof-of-concept overseas remittance system completed in February 2026 that replicated key functions of the SWIFT payment system and subsequent commercial testing with POSCO International in April 2026.^[25] Their roadmap includes developing infrastructure for a won-based stablecoin and cross-border payments, covering functions such as issuance, payments, distribution, and integration with Hana’s international banking network.^[25]

Upbit

​Upbit is a South Korean centralized cryptocurrency exchange (CEX). It was launched in October 2017 by Kakao in partnership with American exchange Bittrex to support stable virtual currency trading.

This structure allowed the platform to start trading with over 100 different altcoins. At the time of its launch, this was the largest number of cryptocurrencies offered by a Korean exchange.^[3]​^[4]​

UBCI

UBCI (Upbit Cryptocurrency Index) is a service that provides a standard index for the cryptocurrency market, allowing users to easily grasp overall market trends.

It was created with the intention of serving as a benchmark in a market that resembles the early stages of the traditional stock market. As the cryptocurrency market matures, there is an increasing need for an index that can function as a useful reference tool.

UBCI serves as an intersection between the blockchain-based cryptocurrency market and the existing financial market, and it draws on benchmarking practices that have been validated for a long time in the traditional stock market.^[5]​

Luniverse

Luniverse is a BaaS platform developed by Lambda 256 to provide an environment for users to easily develop and operate DApps, launched in March 2019. It reduces difficulties in selecting blockchain platforms and building development environments, allowing developers to focus on their main business.

Luniverse offers various environments necessary for DApp development and aims to help DApps provide services through partnerships. Its services can be divided into five categories: a secure and independent side chain, a token issuance and management tool, an API-based development environment, a smart contract security audit solution, and user management services.^[6]​

Upbit Safe

Upbit Safe is a service for securely storing cryptocurrency assets, created by Upbit and DXM, a subsidiary under Dunamu. It offers custody services for enterprises, using a combination of Ledger Vault, its own multi-account system, cold wallet storage, and security solutions.

Withdrawals require the consent of multiple authorized individuals within the company. DXM originally developed Upbit Safe, but Dunamu now operates the service after it shut down DXM in March 2021.^[2]​^[7]​

Upbit Enterprise

Upbit Enterprise is a B2B-only trading system. In response to growing global demand for institutional investment, Upbit Enterprise was added to the Upbit platform, which had focused on individual cryptocurrency traders, creating a two-track system that caters to both personal and corporate clients.

The service applied for trademark registration in the latter half of 2019, with registered products including virtual currency intermediary services, software for corporate asset management, and personal asset trust operations.^[2]​^[8]​

Securities Services

Dunamu also develops and operates services that focus on securities trading and investment support. These tools emphasize access to market information, non-listed equities, and advisory-based portfolio management for individual investors.

Stockplus

Stockplus is a stock market data aggregator that provides real-time market information and integrates with trading apps for order placement and execution of domestic and US stocks. It was launched after receiving investment from K-view Ventures (currently KakaoVentures) in 2013.

The service offers AI-based specialized securities information and recorded a 77% increase in new members over a four-month period.^[9]​^[2]​

Unstockplus

Unstockplus is an online platform for trading non-listed stocks in South Korea. The platform aims to address information asymmetry and high distribution margins that have made non-listed stocks difficult to access for individual investors.

To achieve this, Unstockplus provides a function to confirm the safety of transaction parties’ member authentication and to verify the seller's stock holdings, reducing risks such as false listings, payment defaults, and high distribution margins.

The platform also added an instant order function for transactions of KRW 30 million or less, as well as a 24-hour reservation order function. To help investors make decisions, it provides detailed information on non-listed companies, including product and company information, five-year financial charts, fundraising status, and company value evaluated by the media or securities companies.^[2]​^[10]​

Maplus

Maplus is an investment platform that connects investment professionals and individual investors in South Korea. When customers select a strategy, Maplus operates their assets based on the chosen approach. Maplus provides advice only to financial institutions registered with the Financial Services Commission.

Investment strategies are based on the guidance of advisory firms and operating companies. Maplus has three types of commissions—performance-based, mixed, and basic—and the commission system differs by strategy.

The basic system collects only the basic commission, which is a percentage of the annual investment amount. The performance-based commission collects 15% of the performance as a commission, and there is no commission if there is a loss. There are no fees for early termination.^[2]​^[11]​^[12]​

Metaverse

Dunamu has also expanded into metaverse services that combine virtual environments, video capabilities, and blockchain-based participation. These initiatives aim to support large-scale online events and interactive digital experiences.

2ndblock

2ndblock was introduced to the public in November 2021 as South Korea's pioneer metaverse platform offering video capabilities and supporting a large number of simultaneous users.

The platform enables users to participate in large-scale online events, such as conferences, workshops, live performances, and other virtual experiences powered by blockchain technology.^[19]​

Subsidiaries

Dunamu operates several subsidiaries that extend its activities across securities services, asset management, venture investment, and blockchain infrastructure. These entities support its broader strategy of combining financial technology, digital assets, and content services.

Futurewiz

Futurewiz was established in August 2002 and solidified its position as a securities-related service company after merging with Think and Do, a provider of risk management systems and simulated investment systems, in April 2008.

The company's services can be categorized into two major fields: solutions and business. In the solutions field, Futurewiz offers securities video lectures, risk management solutions for stock investment loans, real-time and simulated investment solutions, and ARS services.

The business field is further divided into SI business, internet business, and SM business, which involve creating and operating various wireless content such as application production and delivery, homepage construction, wireless internet solution construction, bell ringtone downloading, and mobile games.^[2]​^[13]​

Dunamu Investment Management

Dunamu Investment Management was founded in June 2015 and operates MAP, an asset management service launched in 2016. With a focus on financial investment experts in asset management and securities, and support from the parent company's IT technology, it provides fintech investment solutions focused on asset management and securities investment services.

The company's main businesses include the fintech investment service MapPlus, which offers various strategies of financial investment companies such as asset management companies and investment advisory companies to customers in a simple and convenient manner; investment advisory products that provide advice on investments, including information on financial products and portfolio construction; and investment delegation products that directly manage customer accounts based on investment judgments from customers.^[2]​^[14]​

Dunamu and Partners

Established in March 2018, Dunamu and Partners is a corporate venture capital entity that invests in future technologies such as blockchain industry core technologies, application services, data, artificial intelligence (AI), and fintech. It invests through various methods, including M&A and equity investment.^[2]​^[15]​

Lambda256

Lambda256 was launched in May 2018 to research and develop VAS 2.0, a total solution for commercializing blockchain that is intended to solve various problems of existing blockchain platforms.

The company has carried out various open-source projects in the global market and has secured specialists in fields such as blockchain and artificial intelligence to develop services for a range of industries.^[2]​^[16]​

Kodebox

Kodebox is a startup established in 2017 that operates ZUZU, a software-as-a-service (SaaS) platform for shareholder management for startups.

The company plans to expand its services to provide broader startup growth support and to continually innovate infrastructure for accumulated investments and alternative investment markets.^[17]​

Levvels

Levvels is a global non-fungible token (NFT) services company established in the USA in 2022. The company allows users to trade entertainment-themed NFTs and digital collectibles and plans to broaden its content offerings from entertainment to various other industries.

Levvels aims to launch business platforms that combine intellectual properties and technology.^[18]​