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After Months Of Terra-LUNC Crash, Upbit To Invest $380 Million For Future Technologies

Written by: Delma Wilson

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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Jul 12, 2022

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It was in late May 2022 that the world of crypto was hit with a thunderstorm due to Terra (LUNA) collapse along with its UST stablecoin depegging. This incident not just affected the investors and traders, it also saw major cryptocurrencies losing their bullish stance.

Among many such exchanges that underwent a huge loss, Upbit, South Korea’s largest crypto exchange was one of them.

However, now, Dunamu, Upbit’s owner, made an announcement that the currency plans to invest nearly $380 million along with creating 10,000 jobs in the next 5 years.

Furthermore, Dunamu stated that the exchange plans to open offices spread across the South Korean cities to support the startups that enter the Web3 ecosystem.

The Terra-LUNA crisis had an adverse impact on Dunamu and his exchange. The exchange had to undergo investigations for dumping LUNA or now called LUNC tokens. These tokens were worth $100 million before the prices dropped. However, as per the firm, the tokens were exchanged for Bitcoin in Feb 2021.

Upbit To Increase Web3 Adoption In The Country

Dunamu also looks forward to increasing the adoption of crypto, blockchain along with Web3 in South Korea with his $380 million investment in the next 5 years.

The company has come forward to support 500 Web3 startups along with creating 8,000 new jobs. It’s just not this, the company is also planning to recruit 1000 new developers along with its management and other employees too.

Web3 is supported by the counseling programs like UP Start Incubator and UP Start Platform and collaborates to raise funds for various projects.

The founder also looks forward to adding consultation centers in well-known cities like Busan, Daegu, Gwangju, and Daejeon. Dunamu intends to recruit graduates and train them for future crypto, blockchain, and web3 technologies.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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