Dunamu Q1 Revenue and Operating Profit Plunge as Upbit Trading Slows

Dunamu, the operator of Upbit, said in a filing on the 15th that it posted first-quarter revenue of 234.6 billion won and operating profit of 88 billion won. Compared with the same quarter last year, revenue fell 55% and operating profit dropped 78%. The company explained that slowing global economic conditions reduced trading volume in the digital asset market. Uncertainty over international affairs, including the Middle East war, also weighed on cryptocurrency prices, especially Bitcoin. A strong domestic stock market was also cited as a factor behind lower Upbit trading activity. Still, Dunamu’s operating margin stood at 37%. Industry data indicate that Korean investors’ crypto holdings and trading value have halved over the past year. Source: rss.donga.com