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

The Dunamu company offers BaaS to corporations.

Updated May 11, 2023, 4:11 p.m. Published Dec 16, 2021, 7:40 a.m.

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

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.

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

South Korea Seoul Funding Rounds Funding

Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.