Upbit Parent Company Sees $124 million Profit in Q3 of 2022

• South Korean fin-tech company Dunamu saw a revenue of $205 million and a profit of $124 million.
• However, the figures are 66% and 76% below the value the firm realized in 2021.
• Previously, Upbit exchange planned to establish virtual asset monitoring services with LUNC revenue.

According to a local report, Dunamu, the parent company of the Upbit crypto exchange and one of South Korea’s largest crypto businesses, has published a part of its financial statement for the third quarter of 2022.

The report noted that the South Korean company saw a revenue of $205 million, making a profit of $124 million. Interestingly, the seemingly high-profit margin is 76% below the value the company realized in 2021 and 39% lower than the second quarter of 2022.

Additionally, a spokesperson at Dunama explained that the continued decline in global liquidity and the overall contraction of the capital market had an effect, given that the company vastly relies on the Upbit exchange’s performance.

Notably, Upbit is the world’s 11th-largest crypto exchange by 24-hour trading volume, according to data from the market tracking website, CoinMarketCap.

In September, an Upbit advisory committee revealed that the business would establish a Virtual Asset Monitoring Center to protect investors using the fees generated from the Luna Classic (LUNC) transaction. At the time, the fees stood at 239.13025970 Bitcoin (BTC), equivalent to over $4.5 million.

Furthermore, the internal and external experts committee proposed dividing the payments into short-term and mid-to-long-term plans, including giving some as damage relief to the affected LUNA 1.0 investors.

Notably, the Upbit LUNA Fees represent the Luna Classic transaction fees earned from May 11 to May 20, when the LUNC was designated as a significant item, according to the report. LUNC currently trades at $0.0001605, with barely a 2% increase in the last 24 hours.