Per Korea Herald reporting on FY2024 audited results, Upbit’s parent Dunamu Inc. posted sales revenue of 1.73 trillion won in 2024, up 70.5% year-over-year. The headline workforce signal for this cryptocurrency exchange is its revenue-per-employee profile, reshaped by Naver Financial’s all-stock acquisition of Dunamu valued at around $10.3 billion, per Bloomberg, unveiled in a Korean regulatory filing in late November 2025.

Reading the workforce through what Dunamu actually files surfaces five hard data points: 2024 revenue, average salary, deal terms, APAC headcount, and Q3 2025 earnings velocity.

Key Takeaways

Dunamu’s operating profit reached 1.19 trillion won in 2024, up 85% year-over-year, lifting the company’s revenue-per-employee profile to outlier territory among Korean financial firms.
Net income climbed to 983.8 billion won, up 22% year-over-year, the highest annual result Dunamu has ever reported.
Per Financial Supervisory Service data, average pay for Dunamu employees in the first half of 2024 reached 133.73 million won, roughly $99,500, exceeding the average salary at Korea’s four largest banks.
The Naver Financial deal values Dunamu’s parent group at approximately 20 trillion won, about $13.6 billion, after combining Naver’s payment platform with Upbit under one fintech umbrella.
Per the MAS-aligned Upbit APAC disclosure, the group reported approximately 80 employees with around 20 based in Singapore at the most recent official disclosure window, a staff layer that sits outside Korean headcount filings.
Per Korea Herald reporting on the Q3 2025 disclosure, Dunamu net income hit 239 billion won, up more than 300% year-over-year, a velocity that signals the company is staffing for sustained throughput rather than a single quarter.

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Dunamu posted 1.73 trillion won in 2024 sales revenue, the highest annual result the company has ever reported.
Naver Financial’s all-stock acquisition values Dunamu at around $10.3 billion and is scheduled to take effect in late June 2026.
Dunamu’s 133.73 million won H1 2024 average pay crossed Korea’s big-four commercial banks for the first time.
Upbit APAC’s regulated workforce of approximately 80 staff spans Singapore, Indonesia, and Thailand entities.
Dunamu Q3 2025 results landed approximately $165 million in net income, more than triple the prior-year quarter.

How Many People Work at Upbit

Dunamu does not publish a consolidated headcount in English, so the cleanest read is through what regulators require it to file.

Dunamu’s parent-company workforce is covered by Korean half-year and annual filings on the Financial Supervisory Service’s DART system, with average pay disclosed each cycle as Korea’s Virtual Asset User Protection Act, effective July 2024, formalized the supervisory regime for licensed exchange operators.
Upbit APAC’s Singapore subsidiary holds a regulated digital token payment services license, with separate employee disclosures.
The most recent Upbit APAC press disclosure put group staff at approximately 80 people across the APAC group operating in all three jurisdictions.
Upbit Singapore alone reported about 20 staff based in Singapore at the most recent disclosure window, with the COO citing expected growth from the licensing milestone.
The Korea-based parent’s workforce is materially larger than the APAC layer based on revenue concentration: Dunamu (consolidated) generated the 1.73 trillion won 2024 revenue while APAC subsidiaries remain regulated startups in their respective jurisdictions.

By the numbers: Dunamu, per Korea Herald reporting on FY2024 audited results, posted 1.73 trillion won in sales revenue and 1.19 trillion won in operating profit, the highest annual result the company has ever reported. The ratio implies a workforce in the hundreds rather than the thousands.

Dunamu Financial Scale Reframes the Workforce Question

Dunamu’s 2024 sales revenue reached 1.73 trillion won, the company’s highest-ever annual figure.
Operating profit hit 1.19 trillion won, up 85% year-over-year, driven by global liquidity and US policy expectations.
Net income rose 22% year-over-year to 983.8 billion won, with margin expansion despite the operating-profit jump.

Metric	FY2024	YoY Change
Sales revenue	1.73 trillion won	+70.5%
Operating profit	1.19 trillion won	+85%
Net income	983.8 billion won	+22%
Q3 2025 net income	239 billion won	+more than 300%

Source: Korea Herald 2025; Dunamu Q3 2025 disclosure.

The right frame is the spread between top-line revenue and FSS-disclosed average pay, a ratio that implies a workforce in the hundreds rather than the thousands.

Compensation as a Workforce Signal

Average pay at Dunamu in the first half of 2024 reached 133.73 million won, roughly $99,500, according to FSS data reported by Korean media.
The comparable figure for the first half of 2023 was 59.44 million won, or about $44,100, so average pay rose 124% year-over-year.
The 2024 figure exceeded the average salary at KB Kookmin Bank, Shinhan Bank, Hana Bank, and Woori Bank, which sat near 116 million won, roughly $86,700.

Average compensation is a tighter signal than aggregator counts because Korean exchanges file salary aggregates twice a year, and the year-over-year jump points to senior-end hiring lifted by both base pay and performance bonuses.

Recent Developments

November 26, 2025: Naver and Dunamu approved an all-stock swap valued at around $10.3 billion, with effectiveness scheduled for late June 2026.
Late November 2025: Dunamu reported Q3 2025 net income of 239 billion won, up more than 300% year-over-year, with consolidated revenue around $266 million.
July 16, 2025: Dunamu and Tiori launched the UPSide Link cybersecurity recruitment platform at the 146th CISO Forum in Seoul.
March 28, 2025: Dunamu disclosed record 2024 results with sales revenue of 1.73 trillion won, surpassing every prior annual figure.
Through 2024 and 2025: Korea’s Virtual Asset User Protection Act, effective July 2024, brought Dunamu under ongoing FSS supervisory reporting, with FSS and FSC jointly overseeing licensed exchanges.

The Naver Financial Acquisition Is the Workforce Inflection Point

Naver Financial agreed to issue 2.54 new shares for every 1 share in Dunamu, converting Dunamu into a wholly-owned subsidiary.
Dunamu Chair Song Chi-hyung will hold a 19.5% stake in the combined Naver Financial entity after the swap.
The combined fintech entity will process Naver’s nearly $58 billion in annual digital payments alongside Upbit’s exchange flows.
The fintech group is valued at approximately 20 trillion won, about $13.6 billion, placing it among Asia’s largest fintech transactions of the year.

The FY2026 half-year report under Naver Financial will be the first cycle where consolidated workforce surfaces in a DART filing.

Why it matters: Per KED Global, combining Naver Financial’s payment rails with Upbit’s exchange business creates a single fintech group valued near 20 trillion won. The first consolidated workforce filing under Naver Financial will be the first time Dunamu’s headcount appears in a parent disclosure visible to English-speaking analysts.

Upbit APAC Layer Adds a Separately Disclosed Workforce

Upbit Singapore, Upbit Indonesia, and Upbit Thailand are independent legal entities incorporated and regulated in their respective jurisdictions, so each carries its own headcount filing.
The Upbit APAC group reported approximately 80 employees at the most recent disclosure window, with about 20 in Singapore.
Upbit Singapore Pte Ltd is listed on the Monetary Authority of Singapore Financial Institutions Directory as a licensed Major Payment Institution.
Alex Kim has served as CEO of Upbit Singapore since 2017, leading the Singapore-licensed entity since launch.

The APAC layer is the part of the footprint English-speaking readers can verify in real time, because each subsidiary sits in a regulator’s open directory.

Earnings Hint at Hiring Velocity

Dunamu reported 239 billion won (approximately $165 million) in Q3 2025 net income, more than triple the prior-year quarter.
Consolidated revenue rose to about $266 million, up 35% quarter-over-quarter, on rising trading volumes.
Operating profit reached approximately $162 million, up 54% quarter-over-quarter, on operating leverage.
Net income jumped 145% quarter-over-quarter from about $67 million, showing margin expansion alongside top-line growth.

Q3 2025 Metric	Value	QoQ
Net income	239 billion won (~$165 million)	+145%
Revenue	~$266 million	+35%
Operating profit	~$162 million	+54%

Source: Korea Herald, November 2025 (Dunamu Q3 2025 disclosure).

Q3 2025 throughput of this magnitude rarely sustains without workforce expansion, since VAUPA’s compliance and custody requirements pull hiring on a six- to twelve-month lag.

Leadership and Organizational Structure

Founder Chi-hyung Song became chairman of the parent, retaining board control after stepping back from CEO duties.
Sirgoo Lee became CEO of Dunamu on December 21, 2017, and has led the company through licensing, two crypto cycles, and now the Naver deal.
Alex Kim has been CEO of Upbit Singapore since 2017, the APAC subsidiary CEO with the longest tenure.
Raks Sondhi is Chief Operating Officer of Upbit Singapore, leading Singapore operations under the MAS license.
Post-acquisition, Song Chi-hyung will be Naver Financial’s largest shareholder with the 19.5% stake.

The CEO list reflects four reporting lines, not one, which is why the workforce question is hard to answer at a single number. Compare this organizational shape to Coinbase, where a single US-listed entity owns the worldwide brand.

Cybersecurity Talent Pipeline as a Workforce Signal

Dunamu and partner Tiori announced the UPSide Link Web3 cybersecurity recruitment platform on July 15, 2025.
The platform connects graduates of UPSide Academy, Korea’s first Web3 cybersecurity talent development program, with hiring companies.
The launch event was held at the 146th CISO Forum, with approximately 90 security professionals in attendance.
Upbit lost about $48.5 million worth of Ethereum (342,000 tokens) in a November 27, 2019 hack, with North Korean state attribution confirmed November 21, 2024.

An academy plus a recruitment platform reads as a multi-year capacity build for Web3 security headcount, not a spot hire. The broader crypto industry is moving the same way, but few exchanges have stood up an in-house academy.

Organizational History Behind the Headcount

Dunamu launched Upbit on October 24, 2017, in South Korea with the help of a partnership with American crypto exchange Bittrex.
Within approximately two months of launch, Upbit became the top global crypto exchange by 24-hour trading volume, an early scale milestone.
Upbit received ISO 27001, 27017, and 27018 certifications in December 2018, establishing audited security capacity.
Upbit became the first Korean crypto exchange licensed under South Korea’s new virtual asset regulations in September 2021.
On November 26, 2025, Naver sealed the all-stock acquisition of Dunamu, pending a late June 2026 closing.

Who Owns Upbit?

Upbit is owned by Dunamu Inc., a South Korean fintech headquartered in Seoul. As of November 26, 2025, Naver Corp. agreed to an all-stock acquisition of Dunamu valued at around $10.3 billion, scheduled to close in late June 2026. Dunamu Chair Song Chi-hyung will hold a 19.5% stake in the combined Naver Financial entity, remaining its largest shareholder. The transaction makes Dunamu a wholly-owned subsidiary of Naver Financial, with Upbit continuing to operate as its flagship crypto exchange.

How Much Do Upbit Employees Earn?

Dunamu’s average employee compensation in the first half of 2024 was 133.73 million won, about $99,500, based on Financial Supervisory Service data reported by Korean media.

That figure rose 124% from 59.44 million won (about $44,100) in the first half of 2023, driven by both base-pay raises and performance bonuses tied to record 2024 profitability. The 2024 figure crossed the average pay at Korea’s four largest commercial banks (roughly 116 million won at KB Kookmin, Shinhan, Hana, and Woori). Compare with Kraken for a US-headquartered exchange’s compensation profile.

Is Upbit Available Outside Korea?

Upbit operates a Southeast Asian footprint through three separately licensed subsidiaries under the Upbit APAC umbrella. Upbit Singapore, Upbit Indonesia, and Upbit Thailand are independent legal entities incorporated and regulated in their respective jurisdictions. Upbit Singapore Pte Ltd is listed on the Monetary Authority of Singapore directory under the Payment Services Act. The APAC group reported approximately 80 employees, with around 20 based in Singapore at the last disclosed window.

Conclusion

Dunamu’s 1.73 trillion won 2024 revenue and 133.73 million won average pay tell you more about Upbit’s workforce than any aggregator-site headcount estimate. The parent company files semi-annually with the Financial Supervisory Service, the Singapore subsidiary files with the MAS, and Indonesia and Thailand carry their own filings. Read those four disclosure streams together, and an accurate workforce profile emerges that no third-party tracker reproduces.

The next inflection point arrives in late June 2026, when Naver Financial’s $10.3 billion all-stock acquisition closes, and Dunamu becomes a wholly-owned subsidiary of a larger fintech parent. The first consolidated workforce filing under Naver Financial will be published on DART.