Upbit Operator Dunamu Invested $46M in 26 Blockchain Startups in 2018

Dunamu, a fintech company in South Korea and operator of cryptocurrency exchange Upbit, states it invested 55 billion won ($46 million) in 26 blockchain startups in 2018.

The company stated on May 15 that the investments have been coursed through its subsidiary Dunamu & Partners, which was established in March last year. During the inauguration, the company revealed a three-year plan to invest 100 billion won ($84 million) in the blockchain industry.

Dunamu, which also manages the Kakao Stock trading app, said that the investments have been into firms that are centered on creating core blockchain solutions, as well as those pertaining to fintech and games.

According to the announcement, portfolio firms now include fintech startup Rainist, stablecoin-based payments network Terra, and gaming software company Dalcom Soft. Other companies that have seen investment from Dunamu included online travel agency Tide Square, peer-to-peer lending company Honest Fund, and blockchain-based investment firm Finhaven.

Dunamu & Partners CEO Ryan Lee specified that the company will remain to invest in fintech startups and blockchain this year, regardless of their stage, size, and location.

“Our goal is to contribute to the healthy growth of the blockchain ecosystem by actively investing in startups with world class technology and services with potential for real-life implementation,” Lee said.

The company will specifically center on firms that will assist in boosting mainstream adoption of mobile fintech services and blockchain-based services, as well as those focused on individual content creators, the announcement said.

Dunamu backed a $3 million seed round earlier this year for blockchain startup Band Protocol, which rewards reliable content producers with tokens and staking.

The company added on May 15 that it also collaborated with games developer Neptune in April last year to set up a 100 billion won ($84 million) fund to invest in blockchain-based gaming firms.