<p>Dunamu, the operator of South Korea’s largest cryptocurrency exchange Upbit, <a href="https://www.dunamu.com/news/901" rel="noopener noreferrer nofollow">posted</a> a lackluster performance in this year’s Q3 due to a decrease in trading volume caused by ongoing interest rate hikes and an economic downturn.</p><h2 id="header-0">Lagging performance</h2><p><a href="https://dart.fss.or.kr/dsaf001/main.do?rcpNo&#61;20231128000996" rel="noopener noreferrer nofollow">According</a> to the Financial Supervisory Service (FSS), Dunamu’s consolidated operating revenue in Q3 was KRW 193 billion (approximately $150 million), marking a 29% decrease from the same period a year earlier (KRW 271.9 billion). Operating income came in at KRW 101.8 billion, and net profit was KRW 29.5 billion, down 39.6% and 81.6% from the same period last year, respectively.</p><p>This underwhelming financial performance reflects the sluggish crypto market amid the nation’s economic downturn and the U.S. Federal Reserve’s interest rate hikes. The decrease in the exchange’s net profit in particular can be attributed to a loss in the valuation of crypto assets due to crypto price declines compared to the previous quarter.</p><h2 id="header-1">Positive outlook</h2><p>However, with the expected approval of the spot bitcoin exchange-traded fund (ETF) next year and the next Bitcoin halving, the market outlook is expected to improve gradually. Despite the current market conditions, Dunamu plans to continuously promote the mainstream adoption of blockchain services and explore new business ventures.</p><p>“We will make efforts to revitalize the blockchain ecosystem and create an advanced investment environment,” Dunamu said. “We will strive to offer innovative services building on our unique technological capabilities.”</p>

Dunamu reports Q3 slump amid interest rate hikes and economic slowdown

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