An estimated 500 new firms specializing in NFTs and the Metaverse will be created by the South Korean fintech company Dunamu, which will operate offices in key cities.
In order to create roughly 10,000 new Web3 employment over the next five years, Dunamu, a significant South Korean fintech company that runs the cryptocurrency exchange Upbit as well as a number of other blockchain and securities platforms, plans to invest 500 billion won ($380 million).
According to reports, the company is thinking about providing particular software and financing to entice additional businesses to enter the Web3 sector. According to Korea JoongAng Daily, the $380 million investment is a part of Korea’s efforts to take the lead in the Web3 race.
Since 2018, Dunamu has already made investments in blockchain-focused businesses totaling roughly 88 billion won ($67 million). In a statement, Dunamu CEO Lee Sirgoo said:
“We plan to strengthen the competitiveness of domestic industry through an active investment and creation of jobs of the newly growing future industries, like blockchain, nonfungible token (NFT) and the metaverse.”
The financial technology behemoth plans to establish offices in significant American cities and create educational initiatives to introduce newcomers to the Web3 ecosystem. Priority would be given to recent university graduates in the program, which aims to launch 500 new firms.
Just a few months after being subjected to intense examination by the nation’s regulators, Dunamu announced that it will make large investments in the Web3 ecosystem. The crypto exchange firm was targeted by the securities regulator earlier in April of this year in an effort to break up its market monopoly.
The Korean fintech behemoth oversees more than $8 billion in assets, and Upbit, the cryptocurrency exchange it runs, is responsible for more than 80% of domestic crypto trading volumes.
At a time when numerous cryptocurrency enterprises have announced employment losses because of the bear market, the announcement to create 10,000 new jobs is timely. Leading cryptocurrency companies, including Gemini, Bitso, Coinbase, Vauld, and others, have made sizeable layoffs in recent months.
South Korea is renowned for its stringent cryptocurrency laws, but the nation has been optimistic about Web3. Recently, the government declared that it would contribute directly 177.1 million dollars ($223.7 billion won) to a number of metaverse projects.