Dunamu, the father or mother firm of South Korea’s largest crypto change Upbit, reported third-quarter income of $205 million and revenue of $124 million, respectively, down 66% and 76% from a 12 months in the past.
In the course of the third quarter of 2022, the corporate recorded gross sales of about $204 million, an working revenue of $125.5 million, and a web revenue of $120 million.
Additional, the second quarter income and revenue fell by 24% and 39%, respectively, based on native media reports.
In keeping with Dunamu, the continued decline in international liquidity and the contraction of the capital market contributed to the current situation. Moreover, Upbit’s efficiency throughout the previous couple of months performed an necessary position.
Price noting that Dunamu’s gross sales within the first half of 2022 have been $586 million, a decline of 61.3 percent in comparison with the identical interval final 12 months. Throughout this era, the change’s web revenue declined 88.2 % to $129 million.
Furthermore, throughout the first quarter, the corporate reported a web revenue of $155.1 million however a lack of $25.5 million within the second quarter. Dunamu reported its working revenue for the primary quarter of 2022 at $232.75 million, a 46.9 % decline YoY.
The vast majority of Dunamu’s income comes from commissions charged for cryptocurrency trades. Its efficiency soared final 12 months throughout the peak of the cryptocurrency market and the rise of retail demand.