One of the most popular cryptocurrency exchanges called Bithumb which is based in South Korea has been experiencing impressive growth with its 2017 revenue surging 171 times more than the revenue that it made in the previous year.
The crypto exchange?s revenue went up 171-fold last year compared to 2016 according to South Korean reports. This means that it has achieved growth levels that local firms only dream of. Bithumb?s earnings were revealed based on the fact that it is owned by a public trading company known as BTCKorea. The latter?s audit report was published last month on the country?s Financial Supervisory Service website.
According to the reports, the South Korean firm reported a net income of roughly $400 million in 2017 compared to a net income of $312 million in the previous year. However, it is absolutely normal for a South Korean company to report a lower net income than its actual net income. This suggests that Bithumb may have held its revenue in cryptocurrency form rather than in the country?s local currency.
The company claims that the additional revenue of $90 million came from non-operating income although not much else was mentioned about it. One of the company?s representatives told a South Korean reporter Yoon Hyung Joong that more details would be provided soon through a balance sheet publication.
Earlier last month, Bithumb stated that it would be difficult to provide a detailed explanation of the financial statements before they were finalized during the shareholder meeting which had been scheduled for 30th March. The company stated that a detailed explanation of the statements would be published by mid-April.
Cryptocurrency exchanges played a key role in strengthening the value of South Korea?s currency, the Won. This is because the exchanges facilitated extreme Won volumes being traded especially throughout 2017. The country?s currency managed to secure the second place in global trade volumes a few times last year and this is why it has managed to stay on the top 5 list of the best performing fiat currencies globally.
Bithumb is currently one of the most successful crypto exchanges in South Korea. It handles daily trading volumes worth roughly $200 million.
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