Korean finance firm to create 10K Web3 jobs amid bear market

Dunamu, a prominent South Korean fintech firm that manages crypto exchange Upbit and various blockchain and securities platforms, plans to invest $500 million to generate 10,000 Web3 jobs in the next five years.

According to reports, the company is considering offering specific software and funds to attract additional companies to join the Web3 market. The $380 million expenditure is part of Korea’s efforts to maintain its lead in the Web3 race.

Dunamu plans to open offices in major cities and create about 500 new startups

Dunamu is on a mission to promote web3 enterprises

Dunamu has already invested over 88 billion won ($67 million) in blockchain-related companies since 2018. Lee Sirgoo, CEO of Dunamu, stated in a statement;

“We plan to strengthen the competitiveness of domestic industry through active investment and creation of jobs of the newly growing future industries, like blockchain, nonfungible token (NFT) and the metaverse.”

Furthermore, the fintech giant intends to open offices in major cities around the country and create training programs to welcome newcomers to the Web3 ecosystem. The program would prioritize newly graduated university students, with the goal of launching 500 startups. Considerably, Dunamu controls more than $8 billion in assets, while Upbit accounts for more than 80% of cryptocurrency trading volumes in the country.

Dunamu’s statement that it will spend substantially more on the Web3 ecosystem comes just months after the company was heavily scrutinized by the country’s regulators. South Korea’s securities authority took action against the cryptocurrency exchange operator in April to limit its market exclusivity.

At the same time, the announcement to generate 10,000 new jobs comes at a time when several cryptocurrency companies have announced job cuts as a result of the bear market. Leading cryptocurrency companies, like Gemini, Bitso, Coinbase, Vauld, and others, have made big layoffs in recent months.