Lambda256, the blockchain division of the Upbit crypto exchange operator of the South Korean fintech company Dunamu, has raised $60 million (70 billion KRW) in a Series B funding round. According to its results, the firm’s valuation exceeded $300 million, according to a press release.
Dunamu, Hanhwa Systems, Yanolja, Daelim, VTI Partners, Chong Kun Dang, Shinhan Venture Capital, DSC Investments, KB Investments and SBI Investments also participated in the round.
Lambda256 will use the raised funds to expand its business in the field of blockchain-as-a-service (BaaS). Where the company has more than 3,300 corporate clients.
Lambda256 offers Luniverse blockchain for network deployment
Thus, founded in 2018, Lambda256 offers its own Luniverse blockchain for network deployment. In addition, the firm has created a VerifyVASP digital identification solution for service providers in the virtual asset sector. Also, a non-fungible token (NFT) release and management system.
Moreover, the Gluwa project is using Lambda256 technologies to launch a stablecoin based on the Indonesian rupiah.
Dunamu, founded in April 2012 in Seoul, is one of the country’s leading fintech companies. The fintech company operates Upbit, a digital asset exchange with world-class blockchain technology; with the goal of combining traditional financial services with cutting-edge technology. Dunamu also operates Stockplus, Korea’s leading stock trading platform, and offers marketing services and IT infrastructure development to financial firms through its subsidiaries.
The rapid growth of Dunamu’s corporate value
According to media reports, Dunamu’s valuation exceeded $10 billion after an investment round of $85 million in September.
Venture capital firms Hana Financial Investment, Altos Ventures and Saehan Venture Capital have acquired a stake in Dunamu from existing investors, including Atinum Investment. According to the publication, Saehan Venture Capital invested about $51 million in the crypto exchange; Hana Financial – $25.4 million; and Altos Ventures – $8.5 million.
The media noted the rapid growth of Dunamu’s corporate value. In the first quarter of 2021, the investment company DSC Investment estimated the organization at 1.5 trillion won – already in April, the figure rose to 6.7 trillion won.