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Dunamu Progresses With Blockchain Development As Lambda256 Secures New Funding

Reports said that Dunamu, the operator of major South Korean cryptocurrency exchange Upbit, is progressing with blockchain development as its blockchain arm Lambda256 secured new funding.

It has been reported that Lambda256 raised 70 billion Korean won ($60 million) in a Series B round, valuing the company at over $300 million. The firm is focused on enterprise-grade chains for businesses, building on its own blockchain protocol called Luniverse.

However, the funding round included major venture capital firms and individual investors like tech giant Hanhwa Systems, travel tech startup Yanolja, bikes manufacturer Daelim, DSC Investments, Shinhan Venture Capital, KB Investments, and SBI Investments. Dunamu participated in the round as well.

The report said that some of the new investors, such as Daelim and SBI Investments, are clients or partners of Lambda256 for a number of solutions including a blockchain-based decentralized identity management system, Luniverse nonfungible tokens (NFT), and Luniverse’s blockchain consortium chain.

Likewise, the new funding will help Lambda256 further expand its Blockchain-as-a-Service products.

Jay Jaehyun Park, the CEO of Lambda256, said:

“With the funding, we’re on a clear path to diversifying talent pools and accelerating our blockchain roadmap into various global ecosystems.”

According to CoinGecko, Lambda256 is a sister firm of Upbit, one of the largest crypto exchanges in South Korea, with a total daily trading volume of $4 billion. Lambda256 implemented its proprietary NFT technology for Upbit NFT, the crypto exchange’s NFT marketplace platform launched in November 2021.

Earlier this week, Dunamu CEO Lee Sirg-oo reportedly announced global expansion ambitions, particularly referring to its joint NFT venture with South Korean entertainment company HYBE.

Thus, in August 2021, Lambda256 also launched VerifyVASP, a regulatory compliant solution targeting virtual asset service providers to ensure data integrity in compliance with the “Travel Rule,” Anti-Money Laundering regulations by Financial Action Task Force.

Source: Cointelegraph


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