Upbit's valuation has reached $10 billion as the exchange's operator — Dunamu — has raised approximately $85 million from Altos Ventures, Hana Financial investment and Saehan Venture Capital via shares sale, The Korea Times has learned.
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Saehan Venture Capital has reportedly put the biggest stake of $50.8 million into the exchange's parent company. Hana Financial invested $25.4 million with Altos Ventures up to $8.4 million. It remains unclear how Dunamu plans to the proceeds.
The latest funding round comes after reports said that South Korea authorities said Upbit met official government requirements. Nonetheless, approximate 40 of around 60 crypto exchanges in the country will close as a result of the country's Financial Services Commission (FSC) regulations.
The regulations oblige the platforms, among other things, to ensure compliance with KYC procedures together with partner banks. However, credit institutions are reluctant to extend their cooperation with trading platforms for fear of additional scrutiny by financial watchdogs.
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