Upbit, Korea’s Largest Trading Platform, Earns $100 Mln Despite Deep Red Market

News
Fri, 08/24/2018 - 15:31
Yuri Molchan
Repository of Korea’s Corporate Filings reports that Upbit has made almost three times as much as Bithumb, the second largest crypto exchange in the country
Cover image via U.Today

Repository of Korea’s Corporate Filings reports that Upbit has made almost three times as much as Bithumb, the second largest exchange in the country. This is quite a huge profit since the launch of the company last year- $100 mln.

In 2017, Bithumb officially submitted reports on profits equalling $400 mln and this year it has dropped to just $39 mln. Experts reckon that the general decline of the crypto market is hardly the reason for this. Rather, this is due to the hack that Bithumb encountered in June, losing about $40 mln.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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