Korean crypto exchange Upbit’s parent company Lambda256 raises $60M in Series B

Lambda256, the blockchain arm of Korean fintech firm Dunamu, announced today it has secured $60 million (70 billion KRW) in a Series B funding round that values the company at over $300 million.

This round was backed by major Korean venture capitals and investors, including Dunamu, Hanhwa Systems, Chong Kun Dang, Yanolja, Daelim, VTI Partners, DSC Investments, Shinhan Venture Capital, KB Investments, and SBI Investments.

The company will use the latest round of funding to amplify its efforts to further its expansion in the Blockchain-as-a-Service (BaaS) arena, where it has helped over 3,300 corporate clients in building, deploying, and managing blockchain networks at scale with its blockchain, Luniverse.

New investors Daelim, Shinhan Venture Capital, KB Investments, and SBI Investments are clients and partners for a key set of solutions: DID, a blockchain-based digital identity management system, Luniverse NFTs, a system for managing and minting NFTs, and Luniverse’s blockchain consortium chain.

Founded in May 2018 as a blockchain research and development unit of Upbit operator Dunamu, Lambda256 offers an enterprise-grade blockchain built for businesses across different industries. Recently, the company implemented its proprietary NFT technology for Upbit NFT – aimed at providing an energy-efficient, greener alternative to NFTs, to creators with sustainability top-of-mind.

In August 2021, the company also launched VerifyVASP, a regulatory solution designed to ensure data integrity through full-scale compliance for VASPs and their customers. Since its integration, Luniverse has become a trusted, regulated platform for over 3,300 institutions.

Luniverse supports a diverse portfolio of solutions for enterprises across disciplines, including the Indonesian Rupiah-based stablecoin (IDRT) project, Gluwa, a borderless financial platform, Milk, a blockchain-based loyalty rewards program, Stockplus Unlisted, Dunamu’s platform for trading private shares, and Division Network, a metaverse platform.

“Blockchain’s efficacy in helping companies build trust and transparency with customers across ecosystems is now a foregone conclusion. The latest round of investments is a testament to the powerful technology we’ve built. With the funding, we’re on a clear path to diversifying talent pools and accelerating our blockchain roadmap into various global ecosystems.”
– Jay Jaehyun Park, CEO of Lambda256

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