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Dunamu, the operator of South Korea’s Upbit crypto exchange, told local media that Levvels, its Los Angeles-based joint venture established in May this year with HYBE Co., will start services in the latter half of this year.
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- Dunamu started recruiting staff in design, management, development and security during the first half of this year to ready the firm to launch services in the latter half, according to local media reports.
- The two companies sealed the partnership in November last year with Dunamu investing 700 billion Korean won (US$534 million) in HYBE equities, who also invested 500 billion won (US$382 million).
- Dunamu and HYBE own 65% and 35% of Levvels, respectively.
- Other than its business pertaining to servicing non-fungible tokens (NFT) and the Web3 space, specific details about the services offered by Levvels have not been disclosed.
- Dunamu has previously teased starting an NFT business based on the intellectual property of K-pop artists, targeting their fans.
- South Korean entertainment agency HYBE manages major names in the K-pop music industry such as BTS, TXT, Seventeen, and LE SSERAFIM.
See related article: K-pop logs in to the metaverse strung by idols’ vagaries, inability to tour