Korean fintech giant plans to create 10K Web3 jobs amid bear market

Dunamu, a major fintech firm in South Korea that operates crypto exchange Upbit and several other blockchain and securities platforms, is planning to invest 500 billion won ($380 million) to create about 10,000 new Web3 jobs in the next five years.

The firm is reportedly considering offering specific software and funding to encourage more firms to join the Web3 industry. The $380 million investment is a part of Korea’s efforts to lead the Web3 race, reported Korea JoongAng Daily.

Dunamu has already invested about 88 billion won ($67 million) since 2018 toward blockchain-centered firms. Dunamu CEO Lee Sirgoo said in a statement:

“We plan to strengthen the competitiveness of domestic industry through an active investment and creation of jobs of the newly growing future industries, like blockchain, nonfungible token (NFT) and the metaverse.”

The fintech giant aims to open offices in major cities across the country and develop training programs to induct new people into the Web3 ecosystem. The newly graduated university students would be given priority in the program with a plan to create 500 new startups. Dunamu didn’t immediately respond to Cointelegraph’s request for comment.

Dunamu’s announcement to invest significantly in the Web3 ecosystem comes just months after it came under heavy scrutiny from the country’s regulators. Earlier in April this year, the securities regulator took action against the crypto exchange operator to curb its market monopoly.

Related: Why NFT adoption is so high in South Korea

The fintech giant manages over $8 billion in assets and Upbit, the crypto exchange it operates, accounts for more than 80% of crypto trading volumes in the country.

The announcement to create 10,000 new jobs comes at a time when several crypto firms have announced job cuts due to the bear market. Leading crypto firms including the likes of Gemini, Bitso, Coinbase, Vauld and several others have made significant layoffs over the past couple of months.

While South Korea is known for its strict crypto regulations, the country has been bullish on the Web3 front. The government recently announced it would directly invest 223.7 billion won ($177.1 million) in various metaverse projects.