Bithumb experiences robust growth in the first half of the year
Bithumb Korea, the operator of a local cryptocurrency exchange, saw its net profit increase by 1,100%, according to a financial report from Vident, the exchange’s largest shareholder on Wednesday.
Bithumb’s first-half revenue was 608.7 billion won ($ 520.9 million), up 507 percent year-on-year, while its net profit rose 1,100 percent to 603, 3 billion won, according to data. Kim Sung-kwon, press secretary at Vident, said Bithumb’s annual net profit could reach 1.5 trillion won this year.
Clear financial statements Graphic: Park Ga-young / The Korea Herald
The firm’s strong earnings were supported by the cryptocurrency bull market earlier this year, which also boosted the profitability of other cryptocurrency exchanges. Upbit’s revenue in the first six months is estimated at over 1,000 billion won based on its estimated transaction volume of $ 1.77 trillion, according to Coin Gecko, a crypto data provider. cash.
According to People Power Party representative Kim Hee-gon, Bithumb added 738,988 new users in the first six months of this year and its transaction volume reached 630.38 billion won.
Vident, a Kosdaq-listed broadcast monitor manufacturer, owns 10.23% of Bithumb Korea and 34.22% of Bithumb Holdings, the holding company of Bithumb Korea.
Vident, which had recorded an operating loss for three years since 2018, recovered last year due to its stake in Bithumb. The company said last month it was making inroads into artificial intelligence, metaverse and non-fungible token businesses.
By Park Ga-young ([email protected])