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Operating profit at Upbit parent Dunamu drops 70%

Last update 30.08.2022 10:55

Dunamu, the owner of South Korea’s leading cryptocurrency exchange Upbit, reported an operating profit of 566.1 billion Korean won (about US$419 million) for the first half of this year, a 70% decrease compared to the same period last year.

Operating profit at Upbit parent Dunamu drops 70%

Fast facts
Dunamu’s consolidated operating income in the first half of 2022 decreased 61.3% from a year earlier while the net profit fell 88.2%, according to data from the Financial Supervisory Service. 
Dunamu attributed the drop in operating income and profit to the slump in the global cryptocurrency market amid the Terra-LUNA debacle and a reduction in liquidity.
The company explained the steep decline in net profit was due to the drop in price of Bitcoin and other cryptocurrencies it owns.
Dunamu operates Upbit, the largest cryptocurrency exchange in South Korea with more than 70% market share in terms of trade volume.

 

Source: forkast.news

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Binance Coin (BNB) -2.22 $519.52 $3.0B
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