Dunamu Reports Q3 Operating Profit of 101.8 Billion KRW, Down 40% Year-on-Year

Dunamu, the operator of Upbit, a domestic virtual asset exchange, announced on the 28th that its operating profit for the third quarter of this year was 101.8 billion KRW, a 39.6% decrease compared to the same period last year.

Operating revenue (sales) decreased by 29% to 193 billion KRW. Net profit for the period was also recorded at 29.5 billion KRW, down 81.6% from the same period last year.

Dunamu explained, "The decline in sales appears to be influenced by the sluggish investment market due to continuous interest rate hikes and economic recession," adding, "The decrease in net profit was largely affected by virtual asset valuation losses caused by the decline in virtual asset prices compared to the previous quarter."

They further stated, "We identify the popularization of blockchain services as the key driving force to overcome the virtual asset market downturn and have begun actively pursuing new businesses to leap into the Web3 era," and added, "We are leading efforts for the sound development of the virtual asset market and investor protection, as well as carrying out various activities to build trust."

This content was produced with the assistance of AI translation services.