Korean fintech giant plans to create 10K Web3 jobs amid bear market

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Dunamu, a major South Korean fintech company that operates cryptocurrency exchange Upbit and several other blockchain and securities platforms, plans to invest 500 billion won ($380 million) to create about 10,000 new jobs on Web3 in the next five years.

The company is reportedly considering offering specific programs and funding to encourage more companies to join the Web3 industry. The Korea JoongAng Daily reported that the $380 million investment is part of Korea’s efforts to lead the Web3 race.

Dunamu has already invested about 88 billion won ($67 million) since 2018 in blockchain-focused companies. Dunamu CEO Lee Sirgoo said in a statement:

“We plan to enhance the competitiveness of the local industry through active investment and job creation for the newly growing future industries, such as blockchain, non-fungible token (NFT), and metaverse.”
The fintech giant aims to open offices in major cities across the country and develop training programs to attract new people to the Web3 ecosystem. Fresh graduate college students will be given priority in the program, with a plan to create 500 new startups. Donamo did not immediately respond to Cointelegraph’s request for comment.

Dunamu’s announcement that it will invest heavily in the Web3 ecosystem comes just months after it came under intense scrutiny by state regulators. In April, South Korea’s securities regulator took action against the crypto-exchange operator to curb its monopoly on the market.

Related Topics: Why is NFT accreditation so high in South Korea

The fintech giant manages more than $8 billion in assets, and Upbit accounts for more than 80% of the country’s cryptocurrency trading volume.

The announcement of the creation of 10,000 new jobs comes at a time when many crypto companies have announced job cuts due to the bear market. Leading crypto companies – including Gemini, Bitso, Coinbase, Vauld and many others – have laid off a large number of workers over the past two months.

While South Korea is known for its strict regulations on encryption, the country has been optimistic on the Web3 front. The government recently announced that it will directly invest 223.7 billion won ($177.1 million) in various Metaverse projects.

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