Dunamu, the operator of Upbit just reported a huge rise in employee salaries, surpassing earnings at South Korea’s major banks. When you take the „be your own bank” advice seriously.
Best I can do is making bankers jealous
Upbit cryptocurrency exchange’s staff are now earning more on average than those at South Korea’s top banks.
Financial Supervisory Service data shows that in the first half of 2024, Dunamu staff earned an average of 133.73 million South Korean won, which is approximately $99,500.
This figure outpaces the average salary of employees at major banks like KB Kookmin Bank, Shinhan Bank, Hana Bank, and Woori Bank, where the average salary is around 116 million won about $86,700.
It’s about delivering value
This increase in Dunamu’s staff compensation reflects the overall booming performance of the crypto market in early 2024.
Just a year earlier, in the first half of 2023, Dunamu employees earned an average of 59.44 million won $44,100, a much more modest pay.
The difference now is 124% year-on-year salary hike, which is attributed to the crypto market’s pretty impressive performance, particularly in the first two quarters of 2024.
A key factor was likely the approval of the first spot Bitcoin ETFs in the United States. This decision resulted increased interest in digital assets globally, with a visible impact in South Korea.
Dunamu’s financial results also reflect this, with the company reporting consolidated sales of 531.1 billion won, or nearly $400 million in Q1 2024, marking a 60.5% increase in income from the previous quarter.
It appears Dunamu has rewarded its employees really, really generously, likely through performance bonuses linked to these gains. As it should be.
Upbit on fire
On March 5, 2024, Upbit recorded a 24-hour trading volume of $15 billion as Bitcoin’s price reached a new high of $69,200.
This bullish trend was fueled by large inflows into U.S.-based spot Bitcoin ETFs.
While Bitcoin traded below $70,000 on global platforms, South Korean traders pushed the price even higher on Upbit, where it reached 96,734,000 won around $72,504.
This well-known phenomenon, where Bitcoin trades at a premium in South Korea compared to other global markets, is commonly referred to as the Kimchi Premium, named after the country’s famous dish.
