Saturday, February 4, 2023

Bithumb Korea Records 876 Percent Growth In Net Profit In Q1

In first quarter of 2021, the Korean cryptocurrency exchange Bithumb a surge in its sale and net profit shows the data released by Bithumb Holdings’ largest shareholder.

A regulatory filing by Vidente states that in the first quarter of this year, Bithumb made a total sale of $220 million. Compared to May 2020’s data, Bithumb’s sale in 2021, has increased 458 percent. Also, the net profit of the exchange increased by 876 percent this year and reached $197 million.

The increasing cryptocurrency interest and transactions in the country are considered to be the key reasons for the growth of Bithumb in the market. They also helped in increasing the total transaction volume of two local stock markets in the country. 

As per the report, Vidente holds 10.25 percent of Bithumb Korea and 34.22 percent in Bithumb Holdings. Notably, Bithumb Holdings owns 76 percent of Bithumb Korea’s stake.

A month ago, Yuanta Securities published a report stating that during the first quarter of 2021, Dunamu, a company that operates the country’s largest crypto exchange by volume, sold 590 billion won ($522 million) and earned $418 million.

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