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cryptocurrency March 26, 2018

Local media is reporting that South Korean FinTech company Dunamu is investing big into blockchain development and startups. Meanwhile, the exchange owned by Dunamu, Upbit, announced it has developed a cryptocurrency index.

Announced earlier today, and reported by The Korea Herald, Dunamu – operator of the South Korean cryptocurrency exchange Upbit – will invest 100 billion won ($92.5 million) into blockchain technology projects over the next three years.

In light of the decision, Dunamu CEO Song Chi-hyung said: 

“There is high interest in cryptocurrencies and blockchain in Korea. And now is a pivotal opportunity for Korea to become the global mecca of blockchain-based technologies. Through this investment, we hope to become a foothold for youths who are interested in blockchain technologies to establish and run their own startups.” 

According to statements by the exchange operator, blockchain-centric investments will include artificial intelligence, data analytics and management, and FinTech development through mergers and acquisitions along with equity investment. 

Moreover, Dunamu has tapped its chief investment officer, Lee Kang-jun, to head up a new venture capital subsidiary, provisionally known as Dunamu & Partners. 

In related developments, Upbit, which is said to have become the country’s largest cryptocurrency exchange in a very short amount of time, has developed a cryptocurrency index for investors and traders. The index is scheduled to debut next month. 

Produced via calculating standard values in “confidence intervals” collected from Upbit’s long-term transaction data, the index, called Upbit Crypto Index (UBCI) aims to help investors measure market conditions.

It remains unclear whether the exchange will try to market the UBCI internationally, but with Upbit’s trading volume consistently high (eclipsing $11 billion in a single day on at least one occasion), exploring overseas partnerships could easily be its next step. 

Jordan Daniell is a full-time staff writer for ETHNews with a passionate interest in techno-social developments and cultural evolution. Jordan enjoys the outdoors, especially astronomy, and likes to play the bag pipes and explore southern California on foot in his spare time. Jordan lives in Los Angeles and holds value in Ether.

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Source: ETHNews