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South Korea’s Largest Cryptocurrency Exchange Holds $6 Billion On Behalf of Users

Bithumb, the most important cryptocurrency trade in South Korea with a each day buying and selling quantity of about $476 million, is holding $6 billion on behalf of its prospects as of 31 December 2017, in line with its revealed audited accounts.

South Korea’s Bithumb Shops $6 Billion On Behalf of Prospects

South Korea is without doubt one of the largest cryptocurrency markets and Bithumb is the n.1 trade by buying and selling volumes. As a subsidiary of publicly traded firm BTCKorea, Bithumb is required to publish its audited accounts. The audit report got here in on March 20 on the web site of Monetary Supervisory Service, a regulator that operates beneath the broad oversight of the Monetary Companies Fee (FSC).

The report signifies that Bithumb held $6 billion price of cryptocurrencies on behalf of customers as of 31 Dcember, 2017. The stability sheet contains of $1 billion price of Bitcoin, $1.6 billion of Ripple, $0.7 billion price of QTUM, $0.65 billion price of EOS, $0.6 billion price of Ethereum, $0.5 billion price of Bitcoin Money, and $0.three billion of Bitcoin Gold. The quantity of different cryptocurrencies was much less substantial. The trade additionally held $0.four billion in its personal stability sheet.

Bithumb’s reported gross sales in 2017 have been of ₩333.4Bn ($312Mn), with the online revenue amounting to ₩427Bn ($400Mn). Non-operating revenue produced a further $90 million price of income. The cryptocurrency trade will publish its monetary statements in mid-April after a shareholders’ assembly on March 30.

Within the mild of those new figures, the each day buying and selling quantity of $476 million operated on the cryptocurrency trade quantities to almost 8% of shoppers’ holdings, which alerts how actively are South Koreans buying and selling digital currencies.

The individuals of South Korea are additionally taking cryptocurrencies to the offline world, a lot because of Bithumb because it enters the funds market. A partnership with cell fee operator Korea Pay’s Companies is anticipated to attain over 8,000 retailers throughout the nation by the top of the 12 months as 200 franchise manufacturers are keen to strive funds in cryptocurrency. The “Contact B” model is a part of Bithumb’s offline technique because it enters the kiosk enterprise and normalizes funds in cryptocurrency.

The revealed report with Bithumb’s audited accounts mentioned that the cryptocurrency trade is the most well-liked within the nation and “accounts for 75.7% of the bitcoin buying and selling quantity in South Korea and not less than 50% of the Ethereum buying and selling quantity”. The doc can also be proof of how far has the cryptocurrency trade gone in 2017. Bithumb’s income in 2016 was of $1.82 million, which is 171 occasions decrease than the $312 million of 2017. In accordance with coinmarketcap.com, the buying and selling quantity on December 31, 2016, was of roughly $150 million. On December 31, 2017, volumes have been of $30 billion.

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Written by Nikolai

Nikolai is a Canadian writer currently living in Singapore. His started writing on Blockchian and bitcoin since 2017, he do Reviews and Analysis on Coins, ICOs. He holds a Master in Business Management and have keen interest in Computer Since, Blockchain and love to write on latest trends in Blockchain space.

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