According to the local reports, one of South Korea’s largest digital assets and trading platforms has seen a high increase in its revenue. The increase is such huge that not many firms of the country doing their businesses have ever surpassed.
The columnist of South Korea, Yoon Hyung Joong detailed in its report that Bithumb’s revenue for the year 2017 has seen a massive increase of 171 – fold compared to the previous year i.e. 2016. The earnings reports of the company were released lately due to the fact that Bithumb is a secondary public trading company of South Korea which is also called BTCKorea.
The audit reports which were published on March 20, 2018, on South Korea’s Financial Supervisory Service website through the medium of BTCKorea reflected all the financial status of the company. It revealed that the sale of the firm added up to ₩333.4Bn KRW which is $312Mn in USD and a thus generated a net income of ₩427Bn KRW which is $400Mn in USD in the year 2017.
However, other trading firms find it unusual for a traditional Korean company to generate this amount of net income. But at the same time, they also have an opinion that this increase is an indication that the company successfully held its cryptocurrency income rather than preferring it to sell them in won. Also, the standard charge for all the trading fees of Bithumb is 0.5 percent which is likely to bring in and accumulate a lot of revenue.
When asked, the company Bithumb detailed its extra $90 million USD worth revenue originating from ‘non-operating income’. One of the representatives of the firm explained to the reporter of Yoon Hyung Joong that the firm would be releasing a more detailed explanation of the company’s balance sheet shortly. He also added that for the company it is difficult to give a concrete explanation or to release any financial statement before it gets finalised at the shareholders meeting. In context to the same, Bithumb will be giving a detailed explanation after the financial statements would be published which are likely to be released in Mid-April.