Crypto Boom Makes Upbit Employees Top Earners

• South Korean employees at Dunamu, are earning an average of approximately $99,500.
• The approval of BTC spot ETFs triggered a bullish trend in digital assets boosting salaries.

South Korean employees of the prominent crypto exchange, Upbit, are earning more than their equivalents at major banks. This is due to the booming cryptocurrency market. 

Recent data from the Financial Supervisory Service (FSS) reveals that the average salaries at Upbit’s operator, Dunamu surged to 133.73 million South Korean won approximately about $99,500 in H1 2024. 

This figure surpasses the average salary of employees at South Korea’s top banks, such as KB Kookmin Bank, Shinhan Bank, Hana Bank, and Woori Bank which is around 116 million won ($86,700). In early 2024, the approval of Bitcoin Spot exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission ignited a bullish trend in digital assets. 

This surge in interest, especially in South Korea, boosted Upbit’s profitability, leading to an impressive 60.5% increase in consolidated sales, which reached 531.1 billion won (nearly $400 million) in the first quarter of 2024.

The rise in employee compensation is largely dependent on bonuses linked to the market boom. The average salary of Upbit employees doubled from 59.44 million won last year, indicating a 124% year-on-year increase.

Upbit CEO’s Earnings Surge Amidst Bitcoin Boom And Kimchi Premium

Song Chi-Hyung, CEO of Dunamu, announced that he saw substantial gains, with earnings surpassing $3.5 million in H1 2024. It indicates more than double the compensation of CEO’s at major banks.

Upbit’s trading volume spiked in March reaching $15 billion as BTC’s price surged to $69K. South Korean traders are driven by “Kimchi Premium” which refers to the price gap between South Korean listed cryptocurrencies and U.S. or EU exchanges. The initiative pushed Bitcoin prices even higher, enhancing the exchange’s performance.

The success of Upbit is mirrored by other exchanges like Bithumb which reported a 639.2% spike in operating profits for the second quarter of FY2023. As South Korean crypto markets thrive through the financial rewards, this sector will continue to outpace traditional banking roles.

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