download

The largest South Korean crypto-exchange Bithumb increased its income in 2017 by 171 times. It earned unbelievable $420 million.

In 2017, Bithumb increased its income 171 times compared to 2016. The trading platform posted a net profit of $420 million for the last year, although the company's revenue from core activities amounted to only $330 million. Bithumb's trading fee amounts to 0.15% on each order.

The least $90 million were earned by non-operational activities, such as not trading, but investments and rentals its office building in Seoul.

Last year, especially in the fourth quarter, the trading volume on the South Korean crypto-exchange increased exponentially due to a sharp jump of prices of the most popular digital assets. Simultaneously, trading platforms itselves also rose in price. In particular, Korbit, third-largest crypto-exchange in South Korea, was purchased for $150 million.

BTCKorea, the parent company of Bithumb, is a public company that is traded on the South Korean stock exchange (KRX). It is obliged to publicly report its income. But since the only subsidiary is Bithumb, BTCKorea's revenue and profits automatically depend on the profits of Bithumb.

Bithumb is the most popular South Korean exchange, one of the largest cryptocurrency exchanges in the world. It accounts for 75.7% of the bitcoin trading volume in South Korea and at least 50% of the Ethereum trading volume.