Dunamu, operator of South Korea's largest crypto exchange Upbit, reported an 85% drop in operating profit for the second quarter, falling to 23.5 billion won (approximately $17 million) from $108 million a year earlier. The decline came three months after Samsung, Hana Bank and Hanwha spent about $1.5 billion buying into the company at 439,252 won per share, valuing it near 15.3 trillion won. Trading fee income fell 49.8% in the first half to 395.5 billion won, representing 97% of Dunamu's total revenue. Operating margins compressed from 88% in 2021 to just 14% last quarter as costs rose 13% whilst revenue fell 39%. Shareholders vote on Dunamu's pending merger with Naver Financial on 19 November, with the share swap still pricing Dunamu at the unchanged May valuation.

Upbit operator Dunamu's Q2 profit falls 85% as trading slows. Dunamu's Q2 revenue fell 39.3% to 173.5 billion won, while weaker trading activity also hit first-half revenue and profit at the Upbit operator. Published 3 hours ago · Updated 49 minutes ago Key Highlights * Dunamu reported Q2 revenue of about 173.5 billion won, down 39.3% year-on-year. * Operating profit fell 84.6% to 23.5 billion won, while net profit declined 43.9% to 39 billion won. * Revenue from Dunamu's trading platform fell 49.8% in the first half to roughly 395.5 billion won. Dunamu, the operator of South Korea's largest cryptocurrency exchange Upbit, reported a sharp decline in revenue and operating profit for the second quarter as trading activity weakened. According to a local source, in a filing submitted to the Financial Supervisory Service's electronic disclosure system on August 14, Dunamu's consolidated revenue fell 39.3% year-on-year to approximately 173.5 billion won in Q2. Operating profit dropped roughly 85% to about 23.5 billion won, while net profit declined 43.9% to roughly 39 billion won. Dunamu's first-half revenue falls 49%. Dunamu's weaker performance extended into the first half of 2026, with revenue falling 49.1% year-on-year to about 408.1 billion won. Operating profit dropped 79.7% to approximately 111.5 billion won, while net profit declined 74.1% to around 108.4 billion won. The company's trading platform remained its main revenue source, but revenue from the segment fell 49.8% to about 395.5 billion won during the period. The platform generates most of its revenue from transaction fees on Upbit. Other businesses, including RMS and Luniverse, also recorded a decline, with revenue falling 12.9% to roughly 12.6 billion won. The results show that lower trading-related revenue was the main factor behind Dunamu's weaker first-half performance. Kraken parent reports lower Q2 profit. Dunamu's results come alongside weaker profitability at another major crypto trading platform. Earlier, Payward Inc., the parent company of Kraken, reported a 71% year-on-year decline in Q2 profit to $23 million, while adjusted revenue increased 17% to $508 million. The company's platform transaction volume declined 18% to $310 billion during the quarter, contributing to a sharp drop in adjusted EBITDA from a year earlier. The results show that higher revenue did not necessarily translate into stronger profitability as trading volumes declined. eToro sees crypto trading activity drop. eToro (NASDAQ: ETOR) provides another recent example of weaker crypto trading activity. In its Q2 results, the trading platform reported $53 million in net income, up 77% year-on-year, but its July crypto activity declined sharply. The company recorded 1.4 million crypto trades in July, down 73% from a year earlier, while the average amount invested per crypto trade fell 50% to $182. The decline was specific to crypto activity, with eToro reporting 48.5 million capital markets trades in July, roughly flat year-on-year. Its Q2 crypto asset revenue also fell to $1.35 billion from $1.91 billion a year earlier. Alongside Dunamu and Payward's results, the figures show weaker trading activity across several crypto-focused platforms in recent earnings reports. Dunamu cites weaker investor activity. Dunamu attributed the decline in performance to reduced investor activity and tighter liquidity conditions across global virtual asset markets. The company also said it is complying with South Korea's Virtual Asset User Protection Act and continues to update its internal systems and investor-protection measures. The law, which took effect in July 2024, established requirements for virtual asset service providers operating in South Korea, including measures covering user asset protection and unfair trading practices. Dunamu's latest results come as trading activity remains a key factor in the financial performance of major cryptocurrency exchanges. For the first half of 2026, the company's results reflect a significant decline in trading-related revenue compared with the same period a year earlier. Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

Samsung SDS discusses stablecoin, AI partnership with Upbit operator Dunamu. Samsung SDS is in talks with Dunamu, the operator of South Korea's largest cryptocurrency exchange, Upbit, on stablecoins and AI-powered digital asset services. Speaking during the company's second-quarter earnings call on July 30, Chief Executive Officer Lee Jun-hee said the discussions are part of Samsung SDS's effort to expand its digital asset infrastructure business. He said the company's recent investment in Dunamu was intended to support future business opportunities rather than serve as a financial investment. Samsung SDS acquired a 4% stake in Dunamu in May alongside Samsung Securities and Samsung Card. According to Lee, the companies are considering cooperation in stablecoin infrastructure, AI-based payment systems and virtual asset integration with financial services. Samsung SDS said its investment in Dunamu was made with several long-term business opportunities in mind. Beyond stablecoins, the company is evaluating digital payment systems, financial infrastructure built around virtual assets and AI-powered financial services. Discussions between the two companies are expected to continue as they identify projects that can be developed commercially. Businesses are yet to adopt stablecoins for use. Stablecoins have grown into a market worth hundreds of billions of dollars, yet most businesses still cannot accept them as easily as credit cards or bank transfers. The problem is the number of systems needed behind every payment. A company accepting stablecoins may still need separate providers for wallet management, blockchain bridges, token swaps, compliance checks, and settlement before the money reaches its final destination. This has slowed business adoption even as stablecoin usage continues to rise. Major payment companies including Visa, Mastercard, and Stripe have all introduced stablecoin products over the past two years, but most are focused on simplifying the payment process rather than creating new stablecoins. That demand is shown in on-chain activity, with data from DeFiLlama showing stablecoins processed more than $1 trillion in transaction volume in a single month, underscoring their growing role in digital payments and blockchain-based financial services across multiple networks. Why Samsung picked Dunamu instead of building its own stablecoin network. Samsung already has cloud, AI, cybersecurity and enterprise software businesses, but it does not operate a cryptocurrency platform. Dunamu, through Upbit, already has experience handling digital asset trading, blockchain infrastructure and compliance in South Korea. Working together allows each company to focus on what it already does well instead of building every piece from scratch. The partnership also comes as South Korean companies prepare for possible stablecoin rules. Rather than waiting until regulations are finalized, Samsung SDS is putting itself in a position where the technology, banking connections and blockchain infrastructure are already in place. If stablecoin issuance becomes easier under future legislation, the company would already have a partner with an established digital asset business. Enjoyed this? Bookmark DeFi Planet, explore related topics, and follow DeFi Planet on Twitter, LinkedIn, Facebook, Instagram, Threads, and CoinMarketCap Community for seamless access to high-quality industry insights Take control of your crypto portfolio with DEFI PLANET PRO, DeFi Planet's suite of analytics tools. Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.