Image source: The Korea Economic Daily
According to Korea Herald, Dunamu Group is partnering with Military Commercial Joint Stock Bank (MB) to launch Vietnam’s first domestic digital asset exchange. The memorandum of understanding (MoU) was signed on Tuesday at the Vietnam-Korea Business Forum in Seoul, attended by business leaders from both countries.
Per the agreement, Dunamu will become MB’s strategic partner, sharing technology and infrastructure while providing legal compliance, investor protection, and human resource development advice. This collaboration comes as Vietnam moves to regulate digital assets. The Digital Technology Industry Law, passed in July, legalized these assets and laid the foundation for a regulated market.
Founded in 2012, Dunamu operates in both the cryptocurrency and traditional securities trading platform spaces. The group manages Upbit, South Korea’s largest centralized digital asset exchange and the world’s third-largest, with approximately 80% market share in South Korea. Upbit serves six million customers, traded over $1.1 trillion in 2024, and manages over $80 billion in digital assets.
Beyond its success in South Korea, Dunamu has been licensed to operate in Singapore, Thailand, and Indonesia. The group was officially recognized as a large enterprise by South Korea’s Fair Trade Commission on April 27, 2022, with total assets exceeding 10 trillion won ($7.9 billion). In 2021, HYBE, the management company behind the K-pop sensation BTS, acquired a 2.5% stake in Dunamu, valuing the company at $17 billion.
Dunamu and HYBE collaborate on developing and commercializing NFT (Non-Fungible Token) products, merging entertainment and blockchain technology. Forbes ranks Dunamu’s Chairman and co-founder, Song Chi-Hyung, as a billionaire and the 3,078th richest person globally.
Hyoung Nyon Kim, Dunamu Group Co-founder and Vice Chairman. Image source: Ministry of Finance.
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