“Terra-LUNC Impacted” Crypto Exchange To Invest $380 Million, Here’s Why
Dunamu, the operator of South Korea’s largest crypto exchange Upbit, on Tuesday said it will invest nearly $380 million and create 10,000 jobs over the next 5 years. The crypto exchange owner will also open offices across South Korean cities and help startups enter the Web3 ecosystem.
Terra-LUNA fiasco has impacted Dunamu and its crypto exchange Upbit greatly. It faced investigations over dumping LUNC tokens, formerly LUNA, worth over $100 million before the prices tumbled. However, the firm claims the tokens were swapped for bitcoins in Feb 2021.
Dunamu Plans Domestic Expansion and Web3 Adoption in Korea
Upbit’s owner Dunamu plans to increase crypto, blockchain, and Web3 adoption in the country as it announces to make over $380 million investment in the next 5 years, reported The Korea Herald on July 12.
The company plans to support 500 Web3 startups and create almost 8000 new jobs for startup counseling programs. Moreover, it will recruit 1000 new developers, in addition to management and other employees for its growing business.
Sirgoo Lee, CEO of Dunamu, said:
“Dunamu will contribute to strengthening national industrial competitiveness by actively investing in new future growth industries such as blockchain and creating jobs.”
The startup counseling programs such as “UP Start Incubator” and “UP Start Platform” support companies working with Web3 and collaborate and raise funding for various projects.
Dunamu also plans to add consultation centers in major cities such as Busan, Daegu, Gwangju, and Daejeon. It helps customers seek consultation on their crypto investments. The crypto exchange operator intends to recruit graduates from local universities and train them in crypto, blockchain, and web3-related technologies.
Upbit and the Terra-LUNA Contagion
The South Korean investors were severely impacted by the Terra-LUNA crash, forcing the government to investigate crypto exchanges and individuals. Upbit was targeted for dumping LUNA tokens and stopping withdrawals as prices plunged.
However, Dunamu, owner of Upbit, denied the allegations claiming that LUNA tokens were swapped for Bitcoin (BTC) in Feb 2021. The crash caused massive declines in the user base across South Korean crypto exchanges.
The Terra-LUNA contagion led to closures of crypto firms and bankruptcy filing by Three Arrows and Voyager Digital. In fact, crypto lender Celsius could possibly be next to file bankruptcy.
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