Dunamu to nurture 500 Korean startups to create jobs

Dunamu, the operator of South Kora’s largest cryptocurrency exchange Upbit, has launched two programs to support 500 startups over the next five years, which it expects to create about 8,000 new jobs.

The first program, called the UP Start Incubator, will focus on providing consulting service to Web 3.0 startups, or early-stage companies engaging in blockchain or token-based businesses, the company said on Tuesday.

For the second program, the Up Start Platform, Dunamu will arrange for its blockchain technology arms to share information and knowledge with the selected startups and attract funding from outside investment firms.

Dunamu itself will recruit developers to create 1,000 jobs as well.

SATELLITE OFFICES

In line with the government-led balanced regional growth, Dunam, a unicorn startup, will open satellite offices in the country’s major metropolitan cities: Busan, Daegu, Gwangju and Daejeon.

The regional offices will serve as the places to train graduates fresh from universities there and hire them, rather than those from other cities or provinces.

It is aimed at avoiding the concentration of blockchain specialists within the Seoul Metropolitan Area.

“We will pave the way for young men building their expertise in the fields of IT development and design working at Dunamu, without leaving their regions,” said a Dunamu official.

Its satellite offices in the four metropolitan cities, excluding Seoul, will also provide support to the users of its cryptocurrency exchange and over-the-counter stock trading platform. They will hire those from disadvantaged families.

In aggregate, Dunamu will spend 500 billion won ($380 million) running the programs and opening regional offices.

“Dunamu will contribute to strengthening our country’s industrial competitiveness by investing in new growth areas such as blockchain, NFT (non-fungible token) and metaverse technologies, while creating jobs,” Dunamu CEO Lee Sirgoo said.

Write to Jin-Woo Park at jwp@hankyung.com
Yeonhee Kim edited this article