Participants in a sales forum in Seoul poses on Tuesday. On the sidelines, the Dunamu of Korea agreed to help the MB Bank of Vietnam to build the first exchange of cryptocurrency in the country of Southeast Asia. Dunamu photo
Seoul, August 13 (UPI) – Dunamu, which exploits the main exchange of cryptocurrency from South Korea, Upbit, said on Wednesday that the company would work with the MB Bank of Vietnam to build the first digital asset platform in the Southeast Asian country.
To this end, companies have signed a memorandum of understanding on the touch of a forum in Seoul, to which hundreds of bureaucrats and businessmen attended the two countries.
Under the agreement, Dunamu will help MB Bank to set up an cryptocurrency exchange and set up the related regulatory framework, including a customer protection system.
As a subsidiary of the Ministry of Vietnam in National Defense, MB Bank is one of the four largest lends in the country. With a total asset approaching $ 50 billion, he led the digital transformation nationally, in particular in the financial sector.
“The mixture of Vietnam growth potential and the proven Upbit model of Dunamu will give an important opportunity to go beyond the simple establishment of an crypto exchange and to design all of the digital financial infrastructure based on trust,” said Dunamu CEO Oh Kyoung-Suk, in a press release.
According to Coingecko, a crypto tracker, Upbit is a dominant cryptographic platform in South Korea, with a market share of almost 65%. By exchanging volumes, Dunamu claims that Upbit is player 3 in the world.
“Dunamu is one of the most profitable companies in Korea in terms of operational margin. To continue its growth dynamics, Dunamu should exploit the world markets,” said Professor of the University of Sogang, Yoon Seok-Bin, UPI.
“And Vietnam seems to be the right place because the country is expected to deal with rapid growth in digital asset markets,” he added.
The company based in Seoul posted 1.25 billion dollars in sales in 2024, up 70.5% compared to one year earlier, for an operating profit of $ 858 million, up 85.1%.
