$60 Mln Raised By Upbit's Blockchain Sibling Company 'Dunamu'.

$60 Mln Raised By Upbit's Blockchain Sibling Company 'Dunamu'.

2021-12-17 | Daniel Smith

$60 Mln Raised By Upbit's Blockchain Sibling Company 'Dunamu'.

Dunamu, the operator of the main South Korean cryptocurrency exchange Upbit, is moving forward with blockchain technology after securing additional investment for its blockchain branch Lambda256. Lambda256 announced on December 15 that it has secured 70 billion Korean won ($60 million) in a Series B financing, valuing the firm at more than $300 million. The company is concentrating on enterprise-grade chains for organizations, based on its proprietary blockchain technology known as Luniverse. Major venture capital companies and independent investors in the round comprised IT behemoth Hanhwa Systems, travel tech startup Yanolja, bike maker Daelim, DSC Investments, Shinhan Venture Capital, KB Investments, and SBI Investments. Dunamu also actively participated in the game. Daelim and SBI Investments are customers or collaborators of Lambda256 for a variety of products, along with a blockchain-based decentralized identity management system, Luniverse nonfungible tokens (NFT), and Luniverse's blockchain consortium chain. The additional money will allow Lambda256 to extend its Blockchain-as-a-Service offerings. As per CoinGecko, Lambda256 is a sibling company of Upbit, one of several biggest cryptocurrency exchanges in South Korea, with a total daily trading volume of $4 billion. Lambda256 used its own NFT tech for Upbit NFT, the crypto exchange's NFT marketplace platform that debuted in November 2021. Dunamu CEO Lee Sirg-oo allegedly declared worldwide development goals early this week, specifically alluding to its joint NFT venture with South Korean entertainment business HYBE. In August 2021, Lambda256 also announced VerifyVASP, a legally compatible solution aimed for virtual asset service suppliers to assure data integrity in accordance with the Financial Action Task Force's Anti-Money Laundering rules.

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