Dunamu, the operator of crypto exchange Upbit, signed a memorandum of understanding with credit card company BC Card on Monday to develop a non-fungible token (NFT) and metaverse-based credit card.

See related article: South Korean crypto exchange acquires stake in major bank

Fast facts

  • Certain items purchased offline via the Dunamu BC Card will be accompanied by the issuance of a complementary NFT in Dunamu’s 2nd Block metaverse. 
  • Dunamu’s Upbit is the largest cryptocurrency trading platform in South Korea, dominating up to 88% of the local market last year, according to research conducted by a lawmaker using CoinGecko data. 
  • Major credit card companies in South Korea — Shinhan, KB, Hyundai Card and others — have launched or partnered with NFT services.
  • Last year, Dunamu acquired a 1% share of Woori Financial, one of South Korea’s leading financial corporations.
  • The launch date of Dunamu’s NFT credit card is yet to be decided.

See related article: Hyundai Card VP: Crypto’s ‘tulip mania’ stage is passing