Original title: South Korean crypto exchange employees out-earn staff at major banks
Original author: Ezra Reguera
Compiled by: Alvis
Dunamu’s consolidated sales for the first quarter of 2024 reached $400 million, up 60.5%.
Employees and executives at Upbit operator Dunamu earn more on average than employees at South Korea’s four largest banks.
The average salary of Dunamu employees in the first half of 2024 was 133.73 million won (about $99,500), local media News1 reported, citing data released by the Financial Supervisory Service (FSS).
Exchange employees earn more than the average salary of employees at some of South Korea’s major banks, such as KB Kookmin Bank, Shinhan Bank, Hana Bank and Woori Bank. The average salary for employees at major banks is 116 million won (about $86,700), according to the Financial Stability Service.
Industry performance drives salary increases
Dunamu employees haven’t always received this level of compensation. In the first half of 2023, employees earned an average of 59.44 million won ($44,100). This means that the average salary for cryptocurrency exchange employees is currently up 124% compared to last year.
The increase in average exchange salaries is due to the outstanding market performance in the first two quarters of 2024. On January 10, the U.S. Securities and Exchange Commission (SEC) approved the first spot Bitcoin exchange-traded fund (ETF), marking a further increase in the United States’ acceptance of digital assets.
This sparked South Korea’s interest in virtual assets, impacting Dunamu’s operating income at the time. In the first quarter of 2024, the exchange had consolidated sales of 531.1 billion won (nearly $400 million). This represented a 60.5% increase in operating income compared to the fourth quarter of 2023.
Judging from the data, Dunamu seems to have given out generous performance bonuses while the company's profits increased.
Upbit’s trading volume in March
On March 5, Upbit’s 24-hour trading volume reached a high of $15 billion, with the Bitcoin price hitting a new high of $69,200. The bullish momentum was driven by massive inflows into spot Bitcoin ETFs.
When BTC was trading below $70,000 globally, South Korean traders further pushed up the price of Bitcoin. At around 3 a.m. (UTC) on March 5, Upbit showed BTC at 96,734,000 KRW (about $72,504).
The price difference between the world and South Korea is often referred to as the "kimchi premium," named after the country's famous fermented side dish.
