Key Takeaways
- Song Chi-hyung founded Dunamu, a major fintech and blockchain company in South Korea, shaping the country’s digital finance sector.
- He studied Computer Engineering at Seoul National University, gaining expertise in tech and finance that guided his career path.
- Song’s experience in IT consulting at Inomove helped him see how technology could drive new business opportunities in finance.
Who Is Song Chi-hyung?
Song Chi-hyung is known as the Founder and Chairman of Dunamu, a fintech and blockchain company in South Korea. He was born in 1979 in Gongju, South Korea, where he grew up and finished high school. His early years in Gongju shaped his path before he moved on to higher education and a career in technology and finance. Over time, he became an important figure in South Korea’s fintech and blockchain space.
Education and Early Career
Song Chi-hyung studied at Choongnam Science High School before moving on to Seoul National University in 1998. He completed his Bachelor’s degree in 2006, focusing on Computer Engineering while also taking Economics as a minor. Initially, he considered pursuing an MBA, but his career took a different path when he joined the software development company Danal, where he gained hands-on experience in the tech industry.
Military Service and Software Development
After finishing his studies, Song Chi-hyung completed his required military service through an alternative option, where he worked at a software development company instead of being a soldier. He joined Danal, a mobile payments company, where he helped create systems for mobile payments.
During his time there, he noticed the problem of illegal mobile payments in South Korea and developed a system to identify and stop fraudulent transactions. His solution was later patented in both Korea and China.
Moving into IT and Consulting
At first, Song did not plan to stay in the IT field for a long time, as he once thought about getting an MBA. However, his work in software development made him change his path. In 2011, he started working at Inomove, a consulting company, where he handled IT projects and helped businesses find new ways to earn money. His time at Inomove gave him a better understanding of how technology could bring new ideas to the financial world.
Founding Dunamu
In April 2012, Song started Dunamu to make an e-book platform. Although it did not grow as he had hoped, it helped him discover new opportunities. Later that year, he created NewsMate, a service that collected popular news articles from social media. NewsMate got attention in the IT startup world, but as competition grew, he changed his approach and looked for a business model that could last longer.
Launching StockPlus
After months of research, Song decided to focus Dunamu on financial technology. In 2013, Dunamu introduced StockPlus, a platform that gave investors real-time stock market information. The project caught the interest of K-View Ventures (now KakaoVentures), which invested in Dunamu, marking its entry into the financial technology industry.
Dunamu’s Big Step into Cryptocurrency
Dunamu made a big move in 2017 by launching Upbit, which quickly became one of South Korea’s largest cryptocurrency exchanges. The platform grew fast in the blockchain and digital asset market, helping Dunamu become a strong name in the industry. In January 2018, Song was promoted to Chairman of Dunamu while still guiding the company’s growth.
Partnership with HYBE and NFT Expansion
In 2021, Dunamu partnered with HYBE, the entertainment company behind BTS. As part of a share exchange, HYBE bought a 2.5% share in Dunamu, while Dunamu got a 5.6% share in HYBE. This partnership focused on developing NFT projects, combining blockchain technology with entertainment to create new opportunities in the digital asset industry.
Leadership Transition and Industry Influence
Song was both the CEO and Chairman of Dunamu until December 2021, when he stepped down as CEO but continued as Chairman. Over the years, he has been a well-known figure in financial technology and blockchain, sharing his knowledge at universities, industry events, and the Upbit Developer Conferences (UDC). His ideas and leadership have helped shape the future of digital finance in South Korea.
Fraud Accusations and Legal Troubles
In December 2018, Song and two Upbit executives were accused of faking trading activity, allegedly making 150 billion won in fake Bitcoin transactions. Upbit denied any wrongdoing, saying they were just trying to keep the market steady initially. The charges came after the government started cracking down on crypto exchanges, even raiding Upbit’s office in March 2018.
Despite these problems, Song Chi-hyung is still a key figure in South Korea’s fintech and blockchain industries. His ability to adjust and make new plans has helped Dunamu become a top fintech company.
Upbit’s Impact on South Korea’s Crypto Market
Upbit changed South Korea’s cryptocurrency industry by making digital asset trading easier and more popular. The exchange helped more people use crypto and was one of the first platforms to follow government rules for safer and clearer trading.
Dunamu’s Growth and Future Vision
Even with legal challenges, Dunamu has kept growing, moving beyond cryptocurrency trading into NFTs, blockchain finance, and investment services. Under Song’s leadership, the company is exploring new opportunities in Web3, decentralized finance (DeFi), and digital assets.
Song Chi-hyung’s story shows his ability to adapt, solve problems, and understand digital finance, making him a key figure in South Korea’s fintech and blockchain industry.
Final Thoughts
Song Chi-hyung’s journey from a tech student to a leader in South Korea’s fintech and blockchain industry shows his ability to adapt and find new opportunities. Through Dunamu, he introduced financial tools like StockPlus and helped grow the country’s cryptocurrency market with Upbit.
Despite legal challenges, he remains an important figure in digital finance, with Dunamu expanding into NFTs, Web3, and decentralized finance. His leadership continues to shape the future of fintech and blockchain in South Korea.
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