Upbit/Dunamu's Blockchain Firm Lambda256 Raises $60M in Series B Funding
- Lambda256 is a blockchain unit of Dunamu, the operator of Upbit – one of the world's largest cryptocurrency exchanges by volume.
SEOUL, South Korea, Dec. 15, 2021 /PRNewswire/ -- Lambda256, the blockchain arm of Korea's leading fintech firm Dunamu, announced today it has secured $60 million (70 billion KRW) in a Series B round that values the company at over $300 million. The 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, the company offers enterprise-grade chain built for businesses, helping innovators across industries navigate the next wave of technology with blockchain. It has most recently 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 has also launched VerifyVASP, a regulatory compliant solution designed to ensure data integrity through full-scale compliance for VASPs and their customers.
Since its integration, Luniverse has cemented its position as a standout leader in blockchain, becoming a trusted, regulated platform for over 3,300 institutions. Luniverse supports a diverse portfolio of solutions for enterprises across disciplines, including 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," said Jay Jaehyun Park, CEO of Lambda 256. "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."
About Lambda256
Lambda256, subsidiary of Upbit operator Dunamu, launched in May 2018 as a BaaS (Blockchain-as-a-Service) unit that offers a comprehensive portfolio of blockchain solutions that addresses various challenges of blockchain adoption.
As the global industry-leading BaaS provider, Lambda256 has worked with over 3,300 corporate clients in building, deploying and managing blockchain networks at scale with Luniverse, its hallmark platform. The company also serves as a technology partner for VerifyVASP, a Singapore-based FATF travel rule solution provider designed to ensure data integrity through full-scale compliance for VASPs and their customers. Learn how Luniverse has helped companies unlock the value of blockchain at www.luniverse.io.
About Dunamu Inc.:
Founded in Seoul, Korea in April 2012, Dunamu Inc. is one of the country's leading fintech companies. Focused on combining traditional financial services with cutting edge technology, Dunamu operates Upbit, the digital asset exchange with world-class blockchain technology, regulatory expertise, and operational know-how. Dunamu also operates Korea's top stock trading platform, Stockplus, and provides marketing services and IT infrastructure development for financial firms through its subsidiaries.
For further information: Nicole Kim, Business Development & Strategy- NFTs, [email protected]
SOURCE Lambda256
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