Dunamu employees, including executives, are earning more than workers at four major South Korean banks.
The average income of employees and executives at Dunamu, which administers the Upbit crypto exchange, has been higher than that of employees at four major banks in South Korea.
Local media outlet News1 reported that the average salary received by Dunamu employees in the first half of 2024 was 133.73 million South Korean won (approximately $99,500), basing this information on data disclosed by the Financial Supervisory Service (FSS).
The earnings of the exchange personnel exceed the average salary of employees at several of the nation’s largest banks, including KB Kookmin Bank, Shinhan Bank, Hana Bank, and Woori Bank.
The average salary of staff in major institutions is 116 million won (approximately $86,700), as indicated by FSS data.
Industry Performance Enhances Salaries
This quantity of compensation was not consistently provided to Dunamu employees.
The current average salaries of employees represent a 124% increase year-on-year, with an average income of 59.44 million won ($44,100) in the first half of 2023.
The market’s exceptional performance in the first two quarters of 2024 is the reason for the average salary increase on the exchange.
The United States Securities and Exchange Commission approved the first spot Bitcoin exchange-traded funds (ETFs) on January 10, indicating a widespread acceptance of digital assets in the United States.
This resulted in a surge in interest in virtual assets in South Korea, which had an impact on Dunamu’s operating income during that period.
The exchange recorded consolidated sales of 531.1 billion won (almost $400 million) in the first quarter of 2024. Its operating income increased by 60.5% in comparison to Q4 of 2023.
According to the data, Dunamu appears to have awarded substantial performance incentives in conjunction with the company’s expanded profits.
The Trading Volume of Upbit in March
Bitcoin’s price reached a new peak of $69,200 on March 5, and Upbit’s 24-hour trading volume reached a high of $15 billion. The bullish momentum was fueled by substantial inflows into spot Bitcoin ETFs that are domiciled in the United States.
South Korean merchants increased Bitcoin’s value, despite the fact that it was trading below $70,000 on a global scale.
On March 5, at approximately 3:00 a.m. UTC, Upbit displayed the price of BTC at 96,734,000 South Korean won (approximately $72,504).
The “Kimchi Premium” is a term that frequently refers to the price disparity between the world and South Korea, which is named after the country’s renowned fermented side dish.
