Originally published on: August 19, 2024
Upbit Exchange Salaries Outpace Major Banks
Employees and leaders of Dunamu, the company behind South Korea’s Upbit cryptocurrency exchange, have been making more money on average than those working at four major banks in the country.
According to data released by the Financial Supervisory Service (FSS) and reported by local media outlet News1, the average salary for Dunamu employees in the first half of 2024 was 133.73 million South Korean won, equivalent to approximately $99,500.
Comparative Salaries and Growth
The earnings of Upbit’s staff surpass the average salaries at prominent South Korean banks like KB Kookmin Bank, Shinhan Bank, Hana Bank, and Woori Bank. FSS data shows that the average salary at these major banks is 116 million won, or around $86,700.
Significant Salary Increase
In just a year, Dunamu employees have seen a remarkable increase in their average income. In the first half of 2023, the average salary was 59.44 million won, translating to $44,100. This reflects a substantial 124% year-on-year growth in employee compensation.
Market Performance Driving Salary Surge
The surge in Upbit’s average salaries can be attributed to the market’s exceptional performance in the first two quarters of 2024. The recent approval by the United States Securities and Exchange Commission of the first spot Bitcoin exchange-traded funds (ETFs) on January 10 has fostered greater acceptance of digital assets in the US, consequently boosting interest in virtual assets in South Korea.
Impact on Operating Income
This increased interest in digital assets has had a direct impact on Dunamu’s operating income during this period. The exchange recorded consolidated sales of 531.1 billion won, nearly $400 million, in the first quarter of 2024, marking a 60.5% increase in operating income from the fourth quarter of 2023.
Generous Performance Bonuses
Based on the financial data, Dunamu has been rewarding its employees with generous performance bonuses in light of the company’s growing profits.
Engaging Crypto Market Updates
With Upbit experiencing high trading volumes and Bitcoin reaching new price highs, the South Korean market continues to show strong interest in cryptocurrencies. The Kimchi Premium, a term used to describe the price difference between Bitcoin in South Korea and the global market, highlights the unique dynamics of the country’s crypto landscape.
In Conclusion
As cryptocurrency markets evolve and gain mainstream acceptance, employees in this sector are reaping the rewards of their involvement in innovative financial technologies. Upbit’s success is just one example of how the crypto industry is reshaping traditional notions of employment and compensation.
