Company’s Net Profit Dropped by 81 Percent, Tied to Cryptocurrencies

Dunamu, the parent company of Upbit, South Korea’s largest crypto exchange, reported that its net profit in the third quarter decreased by 81% compared to the same period a year ago.

According to the statement made today, Dunamu’s net profit in the third quarter was 29.5 billion won ($22.7 million) in its earnings report submitted to the Financial Supervisory Service, an increase of 81% compared to 159.9 billion won in the same period last year. was reported to have decreased.

According to the information in the report, the decrease in net profit due to the decrease in prices in the cryptocurrency market stems from.

Additionally, Dunamu reported an operating profit of 101.8 billion won ($78.5 million), a decrease of 39.6% compared to last year.

In the statement made by Dunamu, it was said, “The decrease in sales appears to be affected by ongoing interest rate increases and a stagnant investment market due to the economic downturn,” and “The decrease in net profit was largely due to virtual asset valuation losses due to the decrease in virtual asset prices compared to the previous quarter. ” note was deducted.

Cryptocurrency exchange Upbit, operated by Dunamu, received approval from Singapore’s central bank MAS in October to offer broader digital payment services with cryptocurrencies.

source site-9