[팩트체크] At least 5 trillion ransom money… Will Upbit’s’Dounamu’ be listed in the US?

Anticipation for the listing of the blockchain company’Doonamu’ is raising their heads. As it is the operator of’Upbit’, the largest cryptocurrency exchange in Korea, it is an atmosphere of acceptance that it will become the first case among domestic exchanges. In the market, the time point is within this year, and the country is often fortune-telling with the United States. This year, the cryptocurrency market is in an unprecedented boom, and it is expected that it will be able to induce various positive effects. If the listing is promoted, it is predicted that the enterprise value will be recognized at least 5 trillion won.

◆If listing materializes, this year is’right time’

What many investors are most curious about is whether the listing will become a reality. As Coinbase, the No. 1 coin exchange in the United States, will be listed on the Nasdaq this month, the outlook is on fire. This is an area that cannot be easily determined. However, so far, the prospect of promoting listing soon is predominant.

Currently, Dunamu is operating the virtual currency exchange’Upbit’ and the stock information and order service’Securities Plus’. Among them, the factor that pulls the listing is the upbeat. Upbit occupies more than 70% of the domestic cryptocurrency transaction value. Considering the fact that the daily transaction amount in the market reaches 16.700 billion won, it is quite large. This exceeds the average daily trading value of KOSPI (16 trillion won) and KOSDAQ (11 trillion won).

In addition, since the end of last year, cryptocurrency has expanded rapidly, and since it attempted to be listed, a truly’optimal environment’ has been created. For example, the current market capitalization of Bitcoin, the number one asset in cryptocurrency, is close to $1.116 trillion (about KRW 1268 trillion). This is the sum of ransom prices from Samsung Electronics, the No. 1 company to SK Innovation, the 18th. For companies that make most of the profits from commissions, this is an unprecedented boom.

Therefore, there are many views that if the listing is actually promoted, the point of time will be’not this year’. A cryptocurrency exchange official said, “As the (virtual currency market) is moving upward, it would be more efficient to do it within this year if IPO is made. In this case, profits will occur in various aspects including corporate value.” .

There is also a view of the IPO’s’outpost work’ that Dunamu gave all employees a stock option equivalent to a 10% annual salary. This is an analysis that the speed of related work will be accelerated further.

◆More likely to choose the US than domestic

Most experts analyze that if Dunamu’s IPO becomes a reality, it is more likely to choose the US than the domestic one. In this case, even if you simply think about it, there are advantages in terms of large-scale financing and investment attraction. Listing requirements are also not as strict as domestic KOSPI or KOSDAQ.

The US is also advantageous in terms of perception of virtual currency. In the U.S., institutional investors are open enough to actively invest in cryptocurrency. On this day, Morgan Stanley, an investment bank in the United States, was the first major Wall Street bank to set up a policy to allow some clients to invest in bitcoin. On the other hand, the domestic government is still negative about cryptocurrency. Until now, virtual currency is not viewed as a financial investment asset or currency, but as a speculative product.

An official from Exchange B said, “Since the US has more positive views on the coin than in Korea (if it goes on listing), I think the US might be reasonable.

It is also attractive in terms of value. The Korean stock market’s stock price-to-earnings ratio (PER) is about 15x, while the US stock market is 25x. Research CEO Choi Seong-hwan said, “If Dounamu is listed, it is more likely to choose NASDAQ than KOSPI and KOSDAQ.” Shinhan Financial Investment Researcher Choi Yoo-jun also analyzed, “There is a possibility of listing on the US stock market, such as Market Curly and Smart Study, in addition to the two trees.”

◆At least 5 trillion won in ransom price when listed

When listed, the enterprise value is estimated to reach at least 5 trillion won. Considering the recent growth trend of cryptocurrency, we believe that this level will not be unreasonable. This is also proved through the case of Coinbase. In the case of Coinbase, in October 2018, the corporate value reached only 8 billion dollars, but recently it was recognized as 68 billion dollars.

An official from C Exchange said, “The direct factor that led to the improvement of the coinbase corporate value is the rapid growth of virtual currency.” “As the domestic virtual currency market cap has also increased 10 times in three years, the value of at least 5 trillion won should be recognized without difficulty. I judged it.