Home - Business - Lambda 256 Raised US$ 60 Million


December 18, 2021

Lambda 256 Raised US$ 60 Million

Lambda 256 has managed to raise new funding to the tune of US$ 60 Million. Lambda 256 is a company under Dunamu. Dunamu runs South Korea’s crypto exchange called Upbit. Lambda256 is the company under Dunamu that focuses on blockchain technology.

About the Funding

The company made an announcement on the 15th December 2021. There they stated that they managed to raise the stated funds in a Series B round. During the round, the firm was valued at approximately US$ 300 million. Lambda 256 engineers its on blockchain protocol named Luniverse. The firm also directs its attention towards chains of an enterprise-grade nature that are designed for businesses.

Participants in the Funding Round

Some big names in venture capital featured as participants at the funding round that these funds were raised. These participants included SBI Investments, KB Investments, Shinhan Venture Capital, DSC Investments, Daelim, Yanolja, and Hanhwa Systems.

New Investors

Some of these investors are not traditional investment firms like Daelim which is a bikes manufacturer. Another example of a non-venture capital firm that participated is Yanolja, a travel tech startup. SBI Investments is also a new investor. Both SBI Investments and Daelim already work with Lambda 256 in some capacity. They both benefit from Lambda 256’s blockchain-based system, tokens, and chain.

Purpose of Funds Raised

The Chief Executive Officer of Lambda 256, Jay Jaehyun Park stated that the finances would allow the firm to create a path to the diversification of their talent pools. Park also said it would allow them to quicken their way to blockchain in various international ecosystems. Therefore, essentially this US$ 60 Million will help extend the company’s Blockchain-as-a-Service offering.

Also Read:  Metaverse Platform SYN CITY Appoints Rapper Swae Lee as CEO

About Lambda 256

The firm is a subsidiary alongside Upbit. According to CoinGecko, Upbit manages to handle approximately US$ 4 billion per day in total trading volumes. This cryptocurrency exchange was launched in 2021. Lambda 256 has nonfungible token technology that they own the rights of and utilize for Upbit NFT. Dunamu, their parent company, announced some days ago that the company aimed to implement its plan for international expansion. This was according to Chief Executive Officer Lee Sirg-oo. Sirg-oo stated that this is is a partnership for NFT ventures with HYBE. HBYE is a South Korean firm in the entertainment industry.

Other Developments in Technology Advancement

Towards the middle of this year, Lambda 256 released a new solution. The company released an innovation called VerifyVASP. VerifyVASP is a solution for virtual asset service providers. It also happens to be regulatory compliant. VerifyVASP helps to guarantee the integrity of data in regards to travel rules and requires compliance. It also addresses AML(anti-money laundering) regulations set by the Financial Actions Task Force.

About Dunamu

As stated, Dunamu is the parent enterprise of Lambda 256. The founders launched Dunamu in 2012. After its establishment in 2012, the firm acquired funding from Kakao Ventures, after which the company established its Securities Plus for Kakao product. Since then, Dunamu has launched a number of services and financial products. These include Lambda 256 which is an international lab that focuses on blockchain. They also launched the Upbit Digital Asset Index in 2018. Later that year, they managed to obtain certifications.

These certifications included that of the International Organization for Standardization for information security, cloud privacy, and also cloud security. They were also certified by the South Korean authorities for the South Korean Internet and ISMS (Security Agency for Information Security Management System). The goal of the company is to create an environment in the financial sector that provides access to effective investment tools to anyone. Their catalog of current products and services include blockchain, Upbit, UBCI, Luniverse, Securities, Stockplus, Stockplus Unlisted, Maplus, Upbit Safe, and Upbit enterprise.