Korean blockchain firm gets $60m in series B funding

South Korea-based Lambda256, a blockchain-as-a-service (BaaS) provider, has raised US$60 million in a series B round led by Woori Technology Investment. The fundraise was backed by its parent firm, Dunamu, as well as Korean VC firms and investors including Hanhwa Systems and Chong Kun Dang.

Lambda256 CEO Jay Jaehyun Park / Photo credit: Jay Jaehyun Park

Launched in 2018, Lambda256 is the blockchain research and development unit of fintech firm Dunamu, which also runs cryptocurrency exchange platform Upbit. Lambda256 offers enterprise-grade solutions built for businesses across industries to help them navigate the next wave of technology with blockchain.

The company has built, deployed, and managed blockchain networks with 3,300 corporate clients through its platform, Lunaverse.

“Blockchain’s efficacy in helping companies build trust and transparency with customers across ecosystems is now a foregone conclusion,” said Lambda256 CEO Jay Jaehyun Park, adding that the recent funding will boost the company’s talent pool and accelerate its blockchain road map.

Dunamu recently received an undisclosed sum of investment from Hybe, an entertainment agency known as the manager of popular K-pop group BTS.

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Other investors in this round include:

• Yanolja
• Daelim
• VTI Partners
• DSC Investments
• Shinhan Venture Capital
• KB Investments
• SBI Investments.