South Korean Cryptocurrency Exchange Employees Earn More Than Top Bankers
Date: 2024-08-19 Author: Oliver Abernathy Categories: BUSINESS
Dunamu employees and executives earn more on average than employees of South Korea’s four largest banks. According to data released by the Financial Supervisory Service (FSS) and reported by local outlet News1, Dunamu employees earned an average salary of 133.73 million won (around $99,500) in the first half of 2024.
These earnings exceed the average salaries of employees at major banks such as KB Kookmin Bank, Shinhan Bank, Hana Bank, and Woori Bank. According to the FSS, the average salary at these banks is 116 million won (around $86,700).
Salary growth due to successful operations
Dunamu’s salaries weren’t always so high. In the first half of 2023, the average employee income was 59.44 million won ($44,100). This means that the current average salary of the crypto exchange’s employees has increased by 124% year-on-year.
This salary increase is due to the company’s successful performance in the first two quarters of 2024. On January 10, the US Securities and Exchange Commission (SEC) approved the first bitcoin spot exchange-traded funds (ETFs), a major step towards wider adoption of digital assets in the US.
The move has sparked increased interest in virtual assets in South Korea, which was reflected in Dunamu’s operating income during the period. In the first quarter of 2024, the exchange recorded consolidated sales of 531.1 billion won (almost $400 million), an increase of 60.5% compared to the fourth quarter of 2023.
Based on this data, it is likely that Dunamu paid its employees generous bonuses for the company's successful performance.
Upbit Trading Volumes in March
On March 5, 24-hour trading volume on Upbit reached $15 billion, when the price of Bitcoin reached a new high of $69,200. This growth was driven by large investments in spot Bitcoin ETFs.
Although Bitcoin was trading below $70,000 on global markets, South Korean traders pushed its price even higher. At 3 a.m. UTC on March 5, the price of Bitcoin on Upbit was 96,734,000 South Korean won (about $72,504).
The difference in Bitcoin prices between global markets and South Korea is often referred to as the "kimchi premium", named after the famous Korean dish.
