Samsung SDS, Upbit Parent Dunamu Discuss Stablecoin, AI Digital-Asset Business

Samsung SDS is pursuing cooperation with Dunamu, the operator of Upbit, South Korea’s largest crypto exchange, on stablecoins.

Chief Executive Officer Lee Jun-hee said on July 30 during the company’s second-quarter earnings conference call that Samsung SDS is discussing stablecoins and next-generation digital assets based on artificial intelligence with Dunamu. He described the company’s investment in Dunamu as a strategic move to enter the digital-asset infrastructure business rather than a purely financial investment.

Samsung SDS acquired a 4% stake in Dunamu in May alongside Samsung Securities Co. and Samsung Card Co. The investment was made with a range of business opportunities in mind, including stablecoin infrastructure, financial system integration based on virtual assets and next-generation AI-based payments. The company plans to discuss potential areas of cooperation with Dunamu and flesh out specific business models.

The goal is to strengthen its digital financial infrastructure business by combining Dunamu’s blockchain operating expertise with Samsung SDS’s capabilities in IT services, AI, cloud and security, Lee added.

Separately, Samsung SDS reported second-quarter consolidated revenue of 3.7178 trillion won ($2.68 billion), up 5.9% from a year earlier. Operating profit rose 0.7% to 231.8 billion won ($167 million).