Upbit’s operator reports $117.2M operating profit in Q2

According to Chosun Biz, Dunamu, the operator of South Korean crypto exchange Upbit, reported consolidated revenue of KRW 257 billion ($189.5 million) and an operating profit of KRW 159 billion ($117.2 million) for the second quarter of this year, marking decreases of 52% and 53% from the previous quarter, respectively. The net income for the quarter was KRW 131.1 billion. Dunamu attributed the decline in performance to a decrease in overall trading volume in Q2, contrasting with Q1, when the approval of spot Bitcoin ETFs boosted the crypto market.