People who work for Dunamu, the company that runs South Korea’s biggest cryptocurrency market Upbit, are now making a lot more than people who work at the country’s biggest banks. In the first half of 2024, the average salary at Dunamu was 133.73 million South Korean won, which is about $99,500. This was a lot more than the average salary of 116 million won ($86,700) a year at major banks like KB Kookmin, Shinhan, Hana, and Woori.
These huge pay raises are closely linked to Dunamu’s excellent financial success in early 2024. The average pay in the first half of 2023 was 59.44 million won, which is about $44,100. The current numbers show a huge 124% year-on-year rise.
The acceptance of the first spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission in January 2024 sparked a huge interest in digital assets in South Korea, which was a big part of Dunamu’s financial success. The company’s operating income went up by a lot because of this. In the first quarter of 2024, Dunamu reported combined sales of nearly $400 million, which was a 60.5% increase from the previous quarter.
The strong cryptocurrency market has not only helped Dunamu’s workers, but it has also led to big success bonuses across the whole company. Upbit saw $15 billion worth of trades in 24 hours on March 5, 2024. In South Korea, Bitcoin prices hit a new high of 96,734,000 won, which is about $72,504. The “Kimchi Premium,” which means that the price of Bitcoin in South Korea is often higher than the worldwide average, was largely caused by buyers in the country.
Overall, Dunamu’s monetary benefits have set a new standard in the field. Its workers are now among the best earners in South Korea, earning more than even the country’s top bankers.
