United

2024

Zcash

Genius

Kaia

Upbit operator Dunamu reported a surge in profitability for the third quarter of the year, posting 239 billion won ($165 million) in net income.
The figure marks an increase of more than 300% compared to the same period last year, which stood at $40 million, local news outlet Chosun Biz <a href="https://biz.chosun.com/stock/finance/2025/11/14/5L7KZ4UJ3NCZHELHEATIJSQVJE/" rel="noopener noreferrer nofollow" target="_blank">reported</a>, citing regulatory filings with the Financial Supervisory Service.
The filing reportedly showed strong momentum across all key metrics. Consolidated revenue climbed to $266 million, up 35% from the previous quarter, while operating profit rose 54% to $162 million. Net income also jumped 145% quarter-over-quarter from $67 million.
The company attributed its improved performance to rising trading activity as global digital asset markets rebounded through 2024 and 2025.
Related: <a href="https://cointelegraph.com/news/south-korea-banks-taking-lead-on-stablecoins-lacks-logic" rel="noopener noreferrer nofollow">South Korea’s bank-first stablecoin approach lacks logic, says Kaia chair</a>
<h2 id="dunamu-credits-us-crypto-bills-for-boost">Dunamu credits US crypto bills for boost</h2>
Dunamu said investor confidence received a boost following regulatory developments in the United States, including the passage of <a href="https://cointelegraph.com/learn/articles/genius-act-how-it-could-reshape-us-stablecoin-regulation" rel="noopener noreferrer nofollow">the Genius Act</a>, <a href="https://cointelegraph.com/explained/clarity-act-explained-what-it-means-for-crypto-week-and-beyond" rel="noopener noreferrer nofollow">the Clarity Act</a> and <a href="https://cointelegraph.com/news/tom-emmer-cbdc-bill-federal-reserve" rel="noopener noreferrer nofollow">the Anti-CBDC Bill</a>. These measures, the company said, contributed to renewed institutional participation and steadier market conditions.
Dunamu has faced heightened reporting requirements since 2022, when it was added to the list of corporations subject to external audit due to having more than 500 shareholders.
Notably, several major crypto firms experienced a revenue increase last quarter. Bitcoin <a href="https://cointelegraph.com/news/terawulf-q3-revenue-bitcoin-price-growth" rel="noopener noreferrer nofollow">mining company TeraWulf</a> and Singapore-based <a href="https://cointelegraph.com/news/bitfufu-q3-revenue-doubles-on-cloud-mining-demand" rel="noopener noreferrer nofollow">cloud Bitcoin miner BitFuFu</a> doubled their third-quarter revenue from the previous year.
Related: <a href="https://cointelegraph.com/news/south-korea-nts-cold-wallet-tax-seizures-crypto" rel="noopener noreferrer nofollow">South Korea ramps up crypto seizures, will target cold wallets</a>
<h2 id="naver-financial-to-acquire-dunamu">Naver Financial to acquire Dunamu</h2>
As Cointelegraph reported, Naver Financial, the fintech arm of South Korea’s largest internet company, is <a href="https://cointelegraph.com/news/naver-financial-dunamu-upbit-acquisition-stablecoin" rel="noopener noreferrer nofollow">preparing to acquire Dunamu</a>. Naver reportedly plans to bring Dunamu in as a subsidiary through a share swap, with board approvals expected soon.
Upbit Korea is the <a href="https://cointelegraph.com/explained/crypto-exchanges-explained#:~:text=Crypto%20exchanges%20set%20the%20rate,that%20can%20affect%20the%20price." rel="noopener noreferrer nofollow">largest crypto exchange</a> in South Korea in terms of trading volume and customer base, <a href="https://coinmarketcap.com/exchanges/upbit/" rel="noopener noreferrer nofollow" target="_blank">according</a> to CoinMarketCap.
Magazine:<a href="https://cointelegraph.com/magazine/2026-pragmatic-privacy-crypto-canton-zcash-ethereum-foundation/" rel="noopener noreferrer nofollow"> 2026 is the year of pragmatic privacy in crypto — Canton, Zcash and more</a>

Upbit operator Dunamu posts $165M in profit in Q3, up over 300% YoY

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