Korean Blockchain Firm Lambda256 Secures $60M in New Funding

Lambda256, the blockchain arm of leading Korean fintech firm Dunamu, has announced that it raised $60 million in a Series B round, bringing the company’s value to over $300 million.

The firm is heavily focused on enterprise-grade chains for businesses, and it is building Luniverse, its own blockchain protocol.

The Funding Round

The funding round included top Korean venture capital firms and individual investors, such as Hanwha Systems, Yanolja, Daelim, DSC Investments, Shinhan Venture Capital, KB Investments and SBI Investments. Dunamu also participated in the funding round. 

Jay Jaehyun Park is CEO of Lambda256.

“With the funding, we’re on a clear path to diversifying talent pools and accelerating our blockchain roadmap into various global ecosystems.” 

The company will look to use the new funding to increase its effort in expanding in the Blockchain-as-a-Service (BaaS) area. It has already worked with over 3,300 corporate clients to build, deploy, and manage blockchain networks at scale with its Luniverse blockchain. 

Daelim, Shinhan Venture Capital, KB Investments and SBI Investments, which are new investors, are clients and partners for different solutions. These include DID, which is a blockchain-based digital identity management system, and Luniverse NFTs, which is a system for managing and minting NFTs. 

The company was founded back in May 2018 as a blockchain research and development unit of Upbit operator Dunamu. It assists organizations in preparing for future technology with blockchain, and it offers enterprise-grade chains built for businesses. 

Recently, Lambda256 implemented its proprietary NFT technology for Upbit NFT, where it will provide a greener alternative to NFTs. Back in August 2021, the company also launched VerifyVASP, which is a regulatory compliant solution aimed at ensuring data integrity through full-scale compliance for VASPs and customers. 

Luniverse’s Role in Blockchain Space

Lambda256’s Luniverse has become a leader in the blockchain space, supporting many different solutions for businesses across disciplines. Some of these include Indonesian Rupiah-based stablecoin (IDRT) project; Gluwa, which is a borderless financial platform; Milk, a blockchain-based loyalty rewards program; Division Network, a metaverse platform; and Stockplus, Dunamu’s trading platform for private shares. 

“Blockchain’s efficacy in helping companies build trust and transparency with customers across ecosystems is now a foregone conclusion,” said Park. “The latest round of investments is a testament to the powerful technology we’ve built. With the funding, we’re on a clear path to diversifying talent pools and accelerating our blockchain roadmap into various global ecosystems.”