S. Korean Lambda256 Closes $60M Series B at $300M Valuation

The Dunamu company offers BaaS to corporations.

By Eliza Gkritsi

Dec 16, 2021 at 7:40 a.m. UTC

Updated Apr 13, 2022 at 3:15 p.m. UTC

Gyeongbokg palace in Seoul (Chan Young Lee/Unsplash) — Gyeongbokg palace in Seoul. (Image credit: Chan Young Lee/Unsplash)

Eliza Gkritsi

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

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Lambda256, the blockchain arm of South Korean crypto exchange operator Dunamu, closed a $60 million (KRW 71 billion) Series B funding round, bringing its valuation to $300 million, according to a Wednesday press release.

The firm will use the funds to invest in its blockchain-as-a-service (BaaS) products, which are used by 3,300 corporate clients, according to the statement. Its flagship platform, Luniverse, helps companies build and manage blockchain systems.
Shinhan Venture Capital, Daelim, KB Investments and SBI Investments, which are new investors to the company, also use Lambda256′s BaaS products, the press release said.
Its owner Dunamu, as well as Hanhwa Systems, Chong Kun Dang, Yanolja, VTI Partners and DSC Investments also participated in the round.
Dunamu operates Upbit, one of South Korea’s largest crypto exchanges.
Lambda256 raised $15 million in a Series A in February, according to its website.

CORRECTION (April 13, 2022 15:15 UTC): The company's name is Lambda256, not Lambda265.

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