Dunamu, operator of the largest cryptocurrency exchanges South Korea Upbit announced its intention to invest in the next three years, 100 billion won (about $92 million) in the development of various blockchain projects, reports The Korea Herald.
As stated by the representatives of the company, it will invest in start-UPS and firms that are working on integrating blockchain technology in different spheres of activity, including analysis and data management, artificial intelligence, and financial technology. Strategy Dunamu, which is supported by the Internet giant Kakao, is the direct purchase of companies or investments in share participation.
With this purpose Dunamu plans to create a venture capital division which was tentatively named Dunamu & Partners. You will become Lee Kang-young, chief investment officer Dunamu.
“In Korea there is a huge interest in cryptocurrency and the blockchain, and now there is a key opportunity to become a world leader in these technologies. Thanks to these investments we hope to become a springboard for youth who are interested in blockchain technology and want to start their own startups”, — said CEO Dunamu song Chi-Hyun.
The work in this direction has already begun. In February Dunamu together with Kakao Ventures invested in Kodebox, a blockchain startup, focused on the gaming industry and preparing to launch in the first half of this year, South Korea’s first mobile game on the Ethereum blockchain.
Another investment was Rootone Soft startup which works on smart wallet to blockchain database. Also this month, the Upbit exchange announced the launch of the index UBCI (Upbit Crypto Index), designed to provide a General assessment of the condition of the market and its segments.
Simultaneously, a new division focused on blockchain technologies, plans and Kakao. It is not excluded that this organization also will offer existing companies the possibility of raising funds through the launch of a new cryptocurrency.
New unit Kakao has announced the launch of its own blockchain platform that will be open to the public and will be the basis on which developers can build their applications.
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