[Apha Biz=(Chicago) Reporter Paul Lee] The corporate value of Dunamu, which operates Upbit, the nation's largest virtual asset trading platform, is falling rapidly.
Analysts say that growth has reached its limit because revenue from transaction fees has dropped sharply due to the sluggish virtual asset market, and most of the new businesses that have been pursued have failed to produce results.
At a time when the virtual asset market was booming, the financial investment industry predicted that Dunamu would be listed on the New York Stock Exchange soon. With the recent sharp drop in corporate value, Dunamu's listing on the New York Stock Exchange has also become unclear.
According to the unlisted stock trading platform Securities Plus on the 8th, Dunamu shares were traded at 84,000 won the previous day. The figure is down 60.4 percent from the transaction price of 212,000 won a year ago on August 8 last year. The market capitalization, which was close to 15 trillion won last year, also fell to 2.9525 trillion won based on the trading price.
The recent drop in the corporate value of Dunamu is due to the downturn in the virtual asset market that has continued since last year. Domestic virtual asset exchanges such as Dunamu, Bithumb, Coinone and Korbit earn most of their profits from coin transaction fees, which has dropped sharply due to a drop in trading volume as the market has been stagnant for the second year.
In the case of Dunamu, net profit based on consolidated financial statements last year was 130.8 billion won, down 94.1% from the previous year. Net profit in the first quarter of this year rose 55% from the same period last year, but it is hard to say that its business performance has improved due to a rise in the value of its coins. Dunamu's first-quarter sales and operating profit fell 28.6% and 26.3%, respectively, compared to the same period last year.
Dunamu & Partners, which invests in start-ups in blockchain, fintech and artificial intelligence (AI), lost 58.4 billion won last year, while Lambda 256, a blockchain company, also recorded a deficit of 46.5 billion won.
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
