The country’s first crypto billionaires, Song Chi-hyung and Kim Hyoung-nyon, join the ranks of the 50 Richest after the value of Dunamu, operator of Korea's largest cryptocurrency exchange Upbit, rose 21-fold in less than a year.
in the form of non-fungible tokens. NFTs, which are digital collectibles authenticated using blockchain technology, have surged in popularity over the past year, with brands and celebrities alike jumping on board. The nascent industry generated $25.5 billion in trades in 2021, 185 times more than the previous four years combined, according to analytics platform DappRadar.
Launched in 2012, Dunamu runs both a cryptocurrency and a traditional securities trading platform. Its crypto exchange Upbit is one of four crypto exchanges to survive South Korea’s regulatory crackdown, which shuttered nearly 40 bourses last September for failing to meet new rules that included partnering with a local bank to restrict accounts to users with real names. Upbit processed nearly $6.
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