Bithumb is unquestionably the largest cryptocurrency exchange in South Korea. It’s also one of the country’s largest digital asset trading platforms.
2017 was a great year for the exchange. Bithumb has seen a revenue increase which will be hard to match by any other company.
Wait, how much?
As a subsidiary of BTCKorea, a public trading company, its earnings report was released. South Korea’s Financial Supervisory Service website shows the firm’s sales total 333.4 billion Won ($312 million) and a net income of 472 billion Won ($400 million) in 2017. Compared to 2016 this is a whopping 171 fold increase.
Apparently the 0.15 percent trading fee for each trade can accumulate A LOT revenue.
Additional explanation will be released by the company “soon” as to the extra $90 million in revenue from “non-operating income”.
“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 stated at the time.
“We will give a detailed explanation after publishing the financial statements in mid-April.”
There have been a lot of trading in Korean won last year. The currency even took the second place in global trade volume on few occasions. The top five cryptocurrencies traded on Bithumb against won are BTC, EOS, XRP, ETH and ICX at the moment.