Dunamu, a major South Korean fintech company that runs the Upbit exchange and other blockchain and securities platforms, plans to invest 500 billion won ($380 million) to create some 10,000 new Web 3.0-related jobs. in the next five years.
The company is apparently looking into offering specific software and funding to encourage more companies to join the Web 3.0 industry. USD 380 million investment is part of Korea’s efforts to lead the Web 3.0 raceKorea JoongAng Daily reported.
Dunamu has already invested around 88 billion won ($67 million) since 2018 towards blockchain-focused firms. Dunamu CEO Lee Sirgoo said in a statement:
“We plan to strengthen the competitiveness of the domestic industry through active investment and job creation of newly growing future industries such as blockchain, non-fungible tokens (NFTs), and the metaverse.”
The financial technology giant intends to open offices in the main cities of the country and develop training programs to incorporate new people into the Web3 ecosystem. Recent college graduates would be given priority in the program with a plan to create 500 new startups. Dunamu did not immediately respond to Cointelegraph’s request for comment.
Dunamu’s announcement to invest significantly in the Web3 ecosystem comes just a few months after it came under heavy scrutiny from the country’s regulators. Earlier in April this year, the securities regulator took action against the cryptocurrency exchange operator to curb its monopoly on the market.
The fintech giant manages more than $8 billion in assets and Upbit, the cryptocurrency exchange it operates, accounts for more than 80% of cryptocurrency trading volumes in the country.
The announcement to create 10,000 new jobs comes at a time when several cryptocurrency companies have announced staff cuts due to bear market. Major cryptocurrency companies such as Gemini, Bitso, Coinbase, Vauld and others have made significant layoffs in the last two months.
Although South Korea is known for its strict cryptocurrency regulations, the country has been supportive of Web 3.0. The government recently announced that it would directly invest 223.7 billion won ($177.1 million) in various metaverse projects.
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