Dunamu, the major operator of South Korean cryptocurrency exchange Upbit, is making strides in blockchain development thanks to new funding for its blockchain branch Lambda256.
Lambda256 raised 70 billion Korean won ($60 million) in a Series B financing, valuing the company at over $300 million, according to a Dec. 15 release. The company focuses on enterprise-grade chains for organizations, using its own Luniverse blockchain protocol.
Major venture capital firms and private investors participated in the investment round, including Hanhwa Systems, Yanolja, Daelim, DSC Investments, Shinhan Venture Capital, KB Investments, and SBI Investments. Dunamu also took part in the round.
Daelim and SBI Investments, for example, are Lambda256 clients or partners for a number of solutions, including a blockchain-based decentralized identity management system, Luniverse nonfungible tokens (NFT), and Luniverse’s blockchain consortium chain.
Lambda256 will use the new cash to grow its Blockchain-as-a-Service offerings. “With the money, we’re well on our way to broadening talent pools and speeding up our blockchain roadmap into other global ecosystems,” said Lambda256 CEO Jay Jaehyun Park.
According to CoinGecko, Lambda256 is a sister company of Upbit, one of the largest crypto exchanges in South Korea, with a total daily trading volume of $4 billion.
Upbit NFT, the crypto exchange’s NFT marketplace platform, launched in November 2021, used Lambda256’s patented NFT technology. Dunamu CEO Lee Sirg-oo reportedly declared worldwide development intentions earlier this week, alluding specifically to the company’s joint NFT venture with South Korean entertainment company HYBE.
In August 2021, Lambda256 also introduced VerifyVASP, a regulatory-compliant solution aimed at virtual asset service providers to assure data integrity in accordance with the Financial Action Task Force’s “Travel Rule” anti-money laundering laws.
