The parent company of Upbit, Dunamu, experienced an 81% decline in net profit in Q3 2023 compared to the same period last year, according to the Financial Supervisory Service.
The company attributed this drop to a sluggish investment market amid an economic downturn and a decrease in virtual asset prices. Net profit fell from 159.9 billion KRW ($123 million) in Q3 2022 to 29.5 billion KRW ($23 million) this year.
Dunamu stated, “The decline in sales appears to have been influenced by continued interest rate increases and a sluggish investment market due to the economic downturn.”
Despite facing financial challenges, Dunamu maintains optimism about the future, underscoring the importance of promoting blockchain services to navigate the bear market.
The company is committed to revitalizing the blockchain ecosystem and improving the investment environment based on its technological capabilities.