South Korea’s Biggest Exchange ‘Upbit’ Posts $100 Million As Profit In Q3

Aug 25, 2018 at 12:00 Update Date :Feb 27, 2019 at 07:46 UTC

South Korea’s largest cryptocurrency exchange has recently ended up making a profit of a hundred million dollars. UPbit managed to do so irrespective of the shrink in the trading volume and bear market.

As per the information issued by the Repository of Korea’s Corporate Filings (DART) gotten by mainstream press outlet Yonhap, UPbit saw a profit of close to $100 million while Bithumb, the nation’s second-biggest trading platform, recorded a benefit of $39 million.

In 2017, Bithumb recorded its annual profit to be $400 million, although it has fallen to under 20 percent of that in 2018. However, the plummet in the profits doesn’t show the picture of the South Korean markets.

It is imperative to take note that Bithumb secured the greater part of the client subsidies that were stolen in the hacking attempt, which after the recuperation totalled to $20 million, with corporate assets. Subsequently, if Bithumb had not been hacked three months back, it ought to have recorded around $70 million in profit, much like the overall revenue of UPbit.

A few experts have said that the addition of Kakao and its child company Dunamoo in the operation of UPbit ended up being a game changer, ensuring UPbit to be a global force in the crypto industry.

More to that, Kakao’s recently launched KakaoPay, which picked up 90 percent of the nation’s FinTech share inside a month since its inception, has revealed its goal to incorporate digital forms of money later on and as of now, KakaoPay is good with UPbit.

Two months back, the government of South Korea raided the workplaces of UPbit in Seoul, seizing its PCs, servers and hard drives. Be that as it may, fast forward two months, local financial authorities found no trace of suspicious exercises and unlawful trades, reaffirming the authenticity of digital money trades and the part as a rule.

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