Upbit Operator Reports 49% Revenue Decline Amid Crypto Market Slowdown
Dunamu, the operator of South Korea's largest digital asset exchange Upbit, reported its semi-annual business results for the first half of 2026. According to the Financial Supervisory Service's electronic disclosure system, Dunamu's consolidated operating revenue was KRW 408.1 billion ($275 million), a decline of 49.1% from the same period last year. This drop in revenue is attributed to reduced investor sentiment and decreased liquidity across the global digital asset market.
The company's operating profit fell by 79.7% year-over-year to KRW 111.5 billion ($75.1 million), while net income dropped 74.1% to KRW 108.4 billion ($73 million). Dunamu has been focusing on creating a safe and convenient trading environment, adhering strictly to legal standards under the Act on the Protection of Virtual Asset Users.
The company's blockchain subsidiary Lambda256 recently completed a proof-of-concept for stablecoin payment and settlement with the Korea Federation of Credit Information and nine credit card companies. This move is seen as a step towards leading the financial industry's on-chain transformation.