Operating Profit Declines by Nearly 40%
The operator of South Korean crypto exchange Upbit, Dunamu, reported an operating profit of just over $79 million in the third quarter of 2023. This figure represents a drop of nearly 40% compared to the previous year’s corresponding period.
Additionally, Dunamu’s Q3 revenue stood at around $150 million, which is 29% lower than the revenue generated in the same period in the previous year. The net profit for Q3 also saw a significant decline of 81.6% compared to the previous year.
Virtual Asset Valuation Losses Impact Net Profit
The lower net profit for the period is attributed to virtual asset valuation losses. Dunamu is now taking steps to mitigate the effects of the market recession in virtual assets. The company plans to explore new business opportunities in order to revitalize the blockchain ecosystem and create an advanced investment environment.
An unnamed official from Dunamu expressed the company’s commitment to provide innovative services based on their technological capabilities.
Hot Take: Dunamu’s Q3 Operating Profit Decreases Due to Virtual Asset Valuation Losses
Dunamu, the operator of South Korean crypto exchange Upbit, reported a decline in operating profit for the third quarter of 2023. The company’s net profit also experienced a significant drop due to virtual asset valuation losses. To combat the effects of the market recession, Dunamu is pursuing new business opportunities to revitalize the blockchain ecosystem and provide innovative services. Despite the challenges, Dunamu remains committed to creating an advanced investment environment and leveraging its technological capabilities.
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