The first audit report released by Bithumb has revealed some startling facts about why its one of the largest cryptocurrency exchanges in South Korea. The report stated a super strong performance having generated a total of $312 million from the 2017 operating revenue. This means the company has seen a strong growth as compared to its operating revenues last year which was close to USD 4.1 million. Also in terms of bottom line, the net profit was amounting to $501 million which was a representation of an increase of 2.4 million.
The report also mentioned cryptocurrency exchange is composed of 220 employees and a total of 15 shareholders.
USD 6 Billion worth of Kitty
According to the Korea Times; The company said its crypto reserves at the end of 2017 were 6.3584 trillion won ($5.9186 billion), together with 416 billion won-worth coins of its own. This amounted to Seven percent of the deposited cryptocurrencies (worth 415.9 billion won) were Bithumb, while clients deposited the rest.
The figure has jumped up nearly 220 times more than the previous year.
The report also broke down the exchange-based coin reserves. The coins which were deposited by the customers are 49,559 BTC; 583,004 ETH; 54,383 DASH; 492,897 LTC; 5,560,189 ETC; 597,627,574 XRP; 156,956 BCH; 195,728 XMR; 94,261 ZEC; 9,761,686 QTUM; 993,839 BTG; and 63,087,428 EOS. This totals up to the worth worth $5.57 billion.
The breakdown of Bithumb holdings currently as reported are; 3,228 BTC; 24,514 BCH; 65,421 ETH; 7,847 DASH; 100,437 LTC; 387,993 ETC; 40,834,963 XRP; 10,083 XMR; 2,473 ZEC; 324,029 QTUM; 10,590 BTG; and 553,181 EOS. This amounts to a total value of around $390 million.
Expansion in Full Swing for Bithumb
Bithumb has devoted itself to the growth of business this year. According to a report, the exchange will introduce a P2P payment system and also draw alliance with Wincube for selling mobile vouchers amounting to 12,500 from 600 brands. This is through gift certificates.
Bithumb was the largest cryptocurrency exchange in South Korea until Upbit was launched. As on date. it has 24-hour trading volumes of 4468 million, which is lower than the current Upbit volume of $1.715 billion at the same time.
Additionally, Bithumb claims to supply kiosks to the restaurants, eateries, and cafes to make sure that the crypto payments are facilitated. This is in partnership with a certain travel site with a total of 5,000 accommodation facilities.
Bithumb has also reported that it would launch its own native coin. It is not going to use its home turf as the Asian country has restriction on issuing ICO’s and it looks like Singapore could be a more viable location.
Bithumb is a South Korean cryptocurrency exchange and one of the largest cryptocurrency exchanges in the world. Bithumb, before Upbit, has accounted for more daily cryptocurrency trading than any other exchange. In June 2017, the exchange was hacked and the details of 30,000 customers were compromised. Around 75% of all Bitcoin trading volume in South Korea comes via Bithumb, and around 50% of all Ethereum. Cryptocurrencies that are listed on Bithumb are paired against the Korean Won (KRW). It was founded by Kim Dae-Shik,but Korean news papers have reported that the firm has recruited a former head of Alipay in Korea, Jung Won-Shik, to take the CEO role.