One of the largest cryptocurrency exchanges in South Korea, Bithumb, has published its first audit report, which details its financial performance, as well as cryptographic reserves of approximately $ 6 billion in 12 cryptocurrencies.
South Korea's second largest cryptocurrency exchange Bithumb recently launched its first public audit report.
The exchange has 220 employees and 15 shareholders, the report details. They generated 333.420 million won ($ 312 million) in operating income in 2017, a significant increase compared to the previous year of 4.32 million won ($ 4.1 million). Its net profit was 534.90 billion won ($ 501 million) in 2017, a sharp increase of 2.510 million won ($ 2.4 million) in the previous year.
The Korea Times elaborated:
"The company said that its encryption reserves at the end of 2017 were 6.3584 trillion won ($ 5.918 billion), including 416 billion of its own coins. The figure increased almost 220 times more than the previous year. "
The report breaks down the reserves of exchange currencies. Those deposited by customers are 49,559 BTC; 583.004 ETH; 54,383 DASH; 492,897 LTC; 5,560,189 ETC; 597,627,574 XRP; 156,956 BCH; 195,728 XMR; 94,261 ZEC; 9,761,686 QTUM; 993,839 BTG; and 63,087,428 EOS. They are worth approximately 5.94 trillion won ($ 5.57 billion), the report shows.
In addition, the exchange also saves your own coins. "Seven percent of the deposited cryptocurrencies (worth 415,900 million won) were from Bithumb, while customers deposited the rest," the media emphasized.
Bithumb's own holdings consist of 3,228 BTC; 24,514 BCH; 65,421 ETH; 7,847 DASH; 100,437 LTC; 387,993 ETC; 40,834,963 XRP; 10,083 XMR; 2,473 ZEC; 324,029 QTUM; 10,590 BTG; and 553,181 EOS, according to the report. The total value adds 415,941 million won ($ 390 million).
Prior to the launch of the cryptocurrency exchange backed by Kakao Upbit, Bithumb has long been South Korea's largest cryptocurrency exchange. Today, its 24-hour trading volume is $ 468 million, much less than the Upbit commercial volume of $ 1,715 billion during the same period of time, according to Coinmarketcap.
Bithumb has been actively growing its business this year. It was recently reported on the exchange that launched a P2P payment system based on social networks, as well as its partnership with Wincube to sell 12,500 types of mobile coupons of 600 brands through gift certificates.
This follows Bithumb's announcement that it will provide kiosks to restaurants, cafeterias and other restaurants to facilitate encrypted payments, as well as a partnership with a travel site with more than 5,000 accommodation facilities. The company is also launching a service to allow encrypted payments at approximately 8,000 physical stores through a partnership with the Korea Pay Service.