Report: Operator of South Korean Crypto Exchange Upbit Sees a Nearly 40% Drop in Operating Profit
Dunamu, the operator of the South Korean crypto exchange Upbit, recently said it had realized an operating profit amounting to $79 million in the third quarter of 2023. Virtual asset valuation losses contributed to the 81.6% drop in the operator’s net profit for the period.
Operating Profit Down by Nearly 40%
In the third quarter (Q3) of 2023, Dunamu, the operator of the South Korean crypto exchange Upbit, reportedly realized an operating profit of just over $79 million (101.8 billion won). According to a Decenter report, Dunamu’s Q3 operating profit is nearly 40% lower than the $130.9 million realized in the corresponding period in 2022.
Similarly, Dunamu’s Q3 revenue, which stood at approximately $150 million, is 29% lower than the $211 million realized in the same period last year. Also, the crypto exchange operator’s Q3 net profit of $22.9 million is reportedly 81.6% lower than in the same period last year.
As per the report, Dunamu’s net profit for the period is lower due to so-called virtual asset valuation losses.
Meanwhile, the report revealed that Dunamu is now working on finding ways to mitigate the effects of the recession in the virtual assets market. An unnamed company official suggested that Dunamu is hoping to achieve this by pursuing new business opportunities.
“We will strive to revitalize the blockchain ecosystem and create an advanced investment environment, and do our best to provide innovative services based on Dunamu’s unique technological capabilities,” the unnamed official said.
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