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

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.

Read more: South Korea Delays Plans to Tax Crypto to 2023

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