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South Korea’s major blockchain company founded in 2012, Dunamu, is betting on Web3 by investing 500 billion won ($380 million) in startups and creating 100,000 job openings in the country in the upcoming five years.
“The project is part of its effort to raise Korea’s competitiveness in Web3.0,” the company said, according to an article by Korea JoongAng Daily.
Since 2018, the fintech giant behind the popular crypto exchange, Upbit, has put around 88 billion won ($67 million) into Web3 companies.
The company has been working towards UP Start Incubator, a program that provides consulting to Web3 startups, and UP Start Platform, which bridges startups with Dunamu subsidiaries and Web3-focused investment companies.
Dunamu aims to decentralize the IT and financial sectors and establish offices not only in technology-forward Seoul but also in other large cities, including Daejeon, Daegu, Gwangju, and Busan. According to Korea Tech Desk, 1,000 jobs will be open for employees outside the metropolitan region. In addition, local graduates will have more opportunities to be recruited for Web3 jobs and trained for IT.
“Dunamu, which has been striving to nurture talents in new business fields such as blockchain and fintech, has made continuous efforts to create jobs for youth, a national challenge. We will add strength to the strengthening of national industrial competitiveness through active investment and job creation,” said Dunamu CEO Lee Seok-woo.
South Korea is not scared of the crypto bear market and is embracing new technology. Last month, the Asian country invested $177 million in Metaverse companies. Solana Ventures has also raised $100 million for the South Korean GameFi and DeFi industries.
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