South Korean Crypto Exchange Staff Out-Earn Bank Employees

Executives and staff at Dunamu, the operator of the Upbit cryptocurrency exchange, earn higher average salaries than employees at four major South Korean banks.

Consolidated sales for Dunamu increased by 60.5% to $400 million in the first quarter of 2024.

Local media outlet News1 stated that the average compensation received by Dunamu employees in the first half of 2024 was 133.73 million South Korean won (about $99,500), citing data supplied by the Financial Supervisory Service (FSS).

The pay of the exchange staff members is higher than the average of the national central banks, such as KB Kookmin Bank, Shinhan Bank, Hana Bank, and Woori Bank. FSS data indicates that large bank employees make an average pay of 116 million won, or about $86,700.

Pay Increases for South Korean Crypto Exchange Staff Due to Industry Performance.

This degree of pay was only sometimes given to Dunamu employees. Employees’ average income in the first half of 2023 was 59.44 million won ($44,100), so the average salary of employees today has increased by 124% from the previous year.

The outstanding performance of the market in the first two quarters of 2024 is the reason for the average pay increase reported by the exchange. The first spot Bitcoin exchange-traded funds (ETFs) were approved by the US Securities and Exchange Commission on January 10, indicating a wider acceptance of digital assets in the US.

The surge in interest in virtual assets in South Korea impacted Dunamu’s operating income during that period. The exchange reported combined sales of 531.1 billion won (almost $400 million) in the first quarter of 2024. In Q4 of 2023, its operational income climbed by sixty-five per cent.

The information suggests Dunamu may have awarded substantial performance bonuses and increased corporate earnings.

The Trading Volume of Upbit in March

On March 5, as the price of Bitcoin (BTC) hit a new high of $69,200, Upbit’s 24-hour trading volume reached a peak of $15 billion. The significant inflows to the US-based spot Bitcoin ETFs propelled the positive momentum.

Bitcoin was pushed further by South Korean traders even as it fell below $70,000 globally. On March 5, at about three in the morning UTC, Upbit displayed the price of Bitcoin at 96,734,000 South Korean won, or about $72,504.

Referred to as the “Kimchi Premium” after the nation’s well-known fermented side dish, the pricing differential between the global market and South Korea is frequently observed.