Key facts
- Samsung SDS is exploring stablecoin infrastructure and AI-based payment models with Dunamu, operator of Upbit.
- The collaboration aims to combine Samsung SDS's IT services, cloud, and security with Dunamu's blockchain expertise.
- Samsung SDS has prior experience in digital asset infrastructure, including a tokenized securities platform project.
- Samsung Electronics plans to integrate stablecoin support into Samsung Wallet.
- Samsung affiliates hold a combined 4% stake in Dunamu, indicating deepening ties.
Samsung SDS, the IT services division of Samsung Group, is actively exploring the development of stablecoin infrastructure, digital asset systems, and artificial intelligence-driven payment models in collaboration with Dunamu. Dunamu operates Upbit, one of South Korea's largest cryptocurrency exchanges.
During a second-quarter earnings call, Samsung SDS CEO Lee Jun-hee indicated that the company is discussing potential business models with Dunamu. He highlighted Samsung SDS's existing capabilities in digital asset infrastructure, citing its involvement in projects like the Korea Securities Depository’s tokenized securities platform and end-to-end stablecoin process validation. Lee expressed confidence that the partnership with Dunamu will facilitate Samsung SDS's expansion within the digital asset infrastructure market.
This move follows Samsung Electronics' recent announcement of its intention to integrate stablecoin support into its Samsung Wallet, signaling a broader push by the Samsung conglomerate into digital assets. The strategic relationship is further underscored by Samsung Securities, Samsung SDS, and Samsung Card's agreement to collectively acquire a 4% stake in Dunamu, deepening the affiliates' engagement with South Korea's digital asset sector.
Lee reportedly described the investment in Dunamu as strategic rather than purely financial, with both entities planning to refine digital financial infrastructure business models. The transcript of the Q2 call suggested a synergy between Samsung SDS's IT services, cloud, and security expertise and Dunamu's blockchain proficiency, with the goal of market leadership.
The digital asset initiatives are occurring alongside Samsung SDS's ongoing expansion in AI and cloud services. The company reported a 5.9% year-on-year increase in Q2 revenue, reaching 3.72 trillion Korean won ($2.6 billion). Cloud revenue saw a 17% rise, driven by strong demand for its cloud platform and GPU-as-a-service offerings. Samsung SDS also outlined ambitious plans to significantly scale its AI infrastructure capacity over the next decade.