Dunamu, the parent company of Upbit, South Korea’s largest crypto exchange, reported an 81% decrease in net profit for the third quarter year-on-year.
In a statement released today, Dunamu announced a net profit of 29.5 billion won (US$22.7 million) for the third quarter, a decrease of 81% from 159.9 billion won in the same period last year, according to its earnings report submitted to the country’s Financial Supervisory Service. The report attributed the drop in net profit to a downturn in crypto market prices.
Furthermore, Dunamu reported an operating profit of 101.8 billion won ($78.5 million), marking a 39.6% decline from last year.
“The decline in sales appears to have been influenced by continued interest rate increases and a sluggish investment market due to the economic downturn,” Dunamu said in the statement. “The decline in net profit was largely due to virtual asset valuation losses due to a decline in virtual asset prices compared to the previous quarter.”
In October, Upbit, the crypto exchange operated by Dunamu, received preliminary approval from the Monetary Authority of Singapore to offer a broader range of digital payment services with crypto tokens.
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