The corporate logo of fintech firm Dunamu (Dunamu)
Dunamu, an operator of cryptocurrency exchange Upbit, said Thursday that it will spend 10 billion won ($8.9 million) to set up a unit to protect crypto coin investors.
The planned launch of the in-house unit, tentatively named Upbit protection center for digital asset investors, is part of the company’s efforts to join the environment, social and governance trend, which has been gaining traction worldwide recently. In addition to the establishment of the investor protection center this year, the Korean fintech company will run an ESG management committee from 2022, which will be headed by Song Chi-hyung, the fintech firm’s board director.
The investor protection center will operate a wide range of programs and campaigns, including those to conduct research projects, prevent fraud, and provide legal assistance and financial support for victims of crimes involving virtual coins.
“While having run a program to address fraud cases, the company felt it is highly necessary to take proactive measures to help investors properly understand crypto assets and prevent fraud,” said an official from the crypto trading platform firm, vowing to eliminate “blind spots,” in the crypto investment segment.
In order to launch the investor protection center this year, the company has formed a preparation committee chaired by Dunamu Vice President Kim Hyung-nyun. Other committee members include Dunamu CEO Lee Sir-goo, who will serve as the committee’s vice chairman, chief financial officer Nam Seung-hyun and chief operating officer Jeong Min-seok.
Launched in October, 2017, Upbit is one of the largest crypto exchanges. It started providing crypto indexes, including the Upbit Cryptocurrency Index, for the first time in Korea in 2018. Since then, it has adopted a series of rules for cryptocurrency listing for the first time in Korea while establishing standards that crypto assets need to meet after being listed on the exchange.
By Kim Young-won (email@example.com