Employees at South Korean Crypto Exchange Earn More than Bank Staff

In the first quarter of 2024, Dunamu reported consolidated sales of $400 million, marking a 60.5% increase from the previous period.

The operators of Upbit, Dunamu, have been reported to earn a higher average salary than employees at four of South Korea’s largest banks. Recent data from the Financial Supervisory Service (FSS) showed that the average salary for Dunamu’s employees during the first half of 2024 stood at 133.73 million won (approximately $99,500).

This figure surpasses the average income reported by employees at major financial institutions such as KB Kookmin Bank, Shinhan Bank, Hana Bank, and Woori Bank, where the average salaries were around 116 million won (about $86,700).

Surge in Salaries Driven by Market Performance

It is noteworthy that this level of compensation is a significant rise compared to previous years. In the first half of 2023, Dunamu employees’ average salary was only 59.44 million won ($44,100). This indicates a remarkable 124% increase in earnings within just one year.

The increase is largely attributed to outstanding market performance during the first half of 2024. Notably, on January 10, the United States Securities and Exchange Commission (SEC) approved the first spot Bitcoin exchange-traded funds (ETF), which fostered a greater acceptance of digital assets in the United States.

This renewed interest in cryptocurrencies had a ripple effect in South Korea, bolstering Dunamu’s operating income. In the first quarter of 2024, the exchange recorded consolidated sales of 531.1 billion won (close to $400 million), reflecting a significant earnings increase compared to the previous quarter.

Given this favorable business environment, it appears that Dunamu has been able to provide generous performance bonuses in light of its enhanced profitability.

Record Trading Volume for Upbit

On March 5, Upbit achieved a remarkable 24-hour trading volume of $15 billion as Bitcoin’s value reached a record high of $69,200, driven by substantial investments in spot Bitcoin ETFs.

Despite Bitcoin trading below $70,000 globally, South Korean traders contributed to a surge in Bitcoin prices on local exchanges. At around 3 AM UTC on March 5, Upbit reported the price of Bitcoin at 96,734,000 South Korean won (about $72,504).

This discrepancy in Bitcoin pricing between international markets and South Korea is commonly referred to as the “Kimchi Premium,” named after the country’s iconic fermented dish.