Dunamu Plans to Create 10,000 Web3 Jobs Amid Bear Market
Korean fintech giant Dunamu will open offices in major cities and create about 500 new startups focused on NFT and the Metaverse.
Dunamu, a large fintech firm in South Korea that manages the Upbit crypto exchange and several other blockchain and securities platforms, plans to invest 500 billion won ($380 million) in creating about 10,000 new Web3 jobs in the next five years.
The firm is reportedly considering offering special software and funding to encourage more firms to join the Web3 industry. The $380 million investment is part of Korea's efforts to lead the Web3 race, according to Korea JoongAng Daily.
Since 2018, Dunamu has already invested about 88 billion won ($67 million) in blockchain-focused firms. Dunamu CEO Lee Sirgu stated:
"We plan to increase the competitiveness of our industry through active investments and job creation in new growing industries of the future, such as blockchain, non-interchangeable token (NFT) and metaverse."
The fintech giant plans to open offices in major cities across the country and develop training programs to attract new people to the Web3 ecosystem. Newly graduated students will have priority in the program with a plan to create 500 new startups.
Dunamu's announcement of significant investments in the Web3 ecosystem was made just a few months after the company was subjected to a thorough review by the country's regulatory authorities. Earlier this April, the securities regulator took action against the crypto exchange operator to limit its market monopoly.
The fintech giant manages assets worth more than $8 billion, and the Upbit cryptocurrency exchange it manages accounts for more than 80% of the volume of cryptocurrency trading in the country.
The announcement of 10,000 new jobs came at a time when several crypto firms announced job cuts due to the bear market. Leading crypto firms, including such as Gemini, Bitso, Coinbase, Vauld and some others, have made significant layoffs over the past couple of months.
While South Korea is known for its strict regulation of cryptocurrencies, the country is optimistic about the Web3 sector. The government recently announced that it will invest 223.7 billion won ($177.1 million) in various metaverse projects.
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