According to local reports, the South Korean exchange Bithumb has released the firm’s 2017 revenue and the exchange made 171 times more than the previous year.
Also read: Japan Revises Registration Rules for Cryptocurrency Exchanges
Bithumb’s revenue has increased 171-fold
One of South Korea’s largest digital asset trading platforms has seen an increase in revenue that not many firms in the country doing business have ever surpassed. The columnist Yoon Hyung Joong details that Bithumb’s revenue has increased 171-fold compared to the previous year. The company’s earnings report was released due to the fact Bithumb is a subsidiary of a publicly traded company called BTCKorea.
BTCKorea’s audit report published on March 20 on South Korea’s Financial Supervisory Service website shows that the firm’s sales added up to ₩333.4Bn KRW ($312Mn USD) and a net income of ₩427Bn KRW ($400Mn USD) in 2017. It’s unusual for a traditional Korean company to have a net income that is higher but may indicate the company held its cryptocurrency income rather than selling it for won. Bithumb’s standard charge for all trading fees is 0.15 percent which could accumulate a lot of revenue.
Non-Operating Income
The company details the extra $90 million USD worth of revenue stemmed from “non-operating income.” A Bithumb representative explained to the reporter Yoon Hyung Joong that a more detailed explanation of the firm’s balance sheet would be published soon.
“It is difficult to give a concrete explanation as a financial statement before it is finalized at the shareholders’ meeting held on March 30,” Bithumb detailed at the time. “We will give a detailed explanation after publishing the financial statements in mid-April.”
Exchanges like Bithumb saw some extreme cryptocurrency volumes in Korean won throughout 2017. Moreover, a few times last year the won took the second position in global trade volumes. The won still remains a top-five competitor among fiat currencies worldwide and the cryptocurrency exchange Bithumb has traded $178,122,945 USD worth of cryptocurrencies in the last 24 hours. The top five cryptocurrencies traded with the won on Bithumb today is BTC, EOS, XRP, ETH, and ICX.
What do you think about the South Korean exchange Bithumb revenue increasing 171x? Let us know what you think about this subject in the comments below.
Images via Pixabay, and Bithumb.
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