South Korean crypto exchange employees out-earn staff at major banks

Employees and executives of Dunamu, Upbit’s operator, have been receiving a bigger average income than workers at four major banks in South Korea. 

Citing data released by the Financial Supervisory Service (FSS), local media outlet News1 reported that the average salary received by Dunamu employees in the first half of 2024 was 133.73 million won (about $99,500). 

The exchange staff’s earnings surpass the average salary of employees of some of the country’s major banks, like KB Kookmin Bank, Shinhan Bank, Hana Bank, and Woori Bank. According to the FSS data, the average salaries of staff in major banks were 116 million won (around $86,700). 

Salaries boosted by industry performance

Dunamu employees did not always receive this level of compensation. In the first half of 2023, employees received an average income of 59.44 million won ($44,100). This means the crypto exchange employees’ current average salary represents a 124% increase compared to last year. 

The exchange’s average salary increase is attributed to the market’s remarkable performance in the first two quarters of 2024. On Jan. 10, the United States Securities and Exchange Commission (SEC) approved the first spot Bitcoin exchange-traded funds (ETF), signaling broader acceptance for digital assets in the US. 

This ignited interest in virtual assets in South Korea, affecting Dunamu’s operating income in that time frame. In Q1 2024, the exchange recorded consolidated sales of 531.1 billion won (almost $400 million). Compared to Q4 2023, the operating income increased by 60.5%. 

Based on the data, Dunamu appears to have given generous performance bonuses amid the increase in company profits.

Related: Crypto exchange Upbit targeted by hackers 159K times in H1: Report

Upbit’s trading volume in March

On March 5, Upbit’s 24-hour trading volume reached a high of $15 billion as Bitcoin’s ( BTC ) price reached a new high of $69,200. The bullish momentum was driven by large inflows for the spot Bitcoin ETFs.

While BTC traded below $70,000 worldwide, South Korean traders pushed Bitcoin further. At around 3 am UTC on March 5, Upbit showed BTC’s price at 96,734,000 South Korean won (about $72,504).

The price difference between the world and South Korea is often called the “Kimchi Premium,” named after the country’s famous fermented side dish. 

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