The Rise of Salaries in South Korean Crypto Exchanges
Recent data reveals a significant increase in salaries at Upbit exchange, with average salaries more than doubling year-on-year. The surge in payouts has been attributed to the crypto market boom experienced in the first quarter of this year. Experts suggest that the bull market initiated by the launch in the US has played a role in boosting profits at local exchanges, leading to a substantial increase in pay for both executives and employees at Upbit operator Dunamu.
South Korean Crypto Exchange Workers Benefit from Crypto Market Rise
The rise in salaries of South Korean crypto exchange workers has been directly linked to the booming crypto market in the first quarter of FY2024. This surge in staff payouts and salaries has been a direct result of the uptick in the performance of these exchanges.
- The bull market sparked by the launch of in the US has contributed to the rise in profits at domestic exchanges.
- Pay for executives and employees at Dunamu increased significantly this year.
The Financial Supervisory Service (FSS) compiled data shows that the average annual salary per employee at Dunamu has exceeded $99,000 in the first half of this year, marking a significant increase compared to the previous year.
Salaries Rise Higher than Top Bank Staff Pay Rates
The data suggests that most of the rise in salaries has come in the form of performance-based bonuses at Upbit. These salaries now surpass the average annual salaries of employees at major South Korean banks, including Kookmin Bank, Shinhan Bank, KEB Hana Bank, and Woori Bank. Upbit’s increased staff payments are reflective of the exchange’s profitability during the recent bull run.
- Ant investors have returned to South Korean crypto markets during the bull run.
- Domestic platforms like Upbit have seen increased activity from retail investors.
- Dunamu posted a significant increase in operating income in the first quarter of FY2024.
Upbit Profits Also on the Rise
Alongside the rise in salaries, Upbit has also seen a surge in profits, with operating income and profits increasing substantially compared to the previous financial year. The performance bonuses granted to employees at Dunamu, particularly executives, have been generous, with the CEO receiving a substantial financial package.
- Operating income for Dunamu increased by 60.5% in the first quarter of FY2024.
- The CEO of Citibank Korea and Hana Financial Group Chairman received lower compensation compared to the Dunamu CEO.
Upbit’s competitor, Bithumb exchange, has also seen increased trading volumes and financial performance due to the current bull market. The exchange’s operating profits and sales have experienced significant growth compared to the previous financial year.
Hot Take: South Korean Crypto Exchange Salaries Soar Amid Market Boom
The surge in salaries at South Korean crypto exchanges, particularly Upbit, reflects the favorable conditions created by the current bull market. With increased trading volumes and profits, these exchanges have been able to reward their employees generously, surpassing the pay rates of top bank staff in the country. As the crypto market continues to experience growth and stability, the salaries of crypto exchange workers are expected to remain on an upward trajectory.
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