Korean Exchange Bithumb Has Reserves Worth $6 Billion in 12 Cryptocurrencies – News Bitcoin News


Korean Exchange Bithumb Has Reserves Worth $6 Billion in 12 Cryptocurrencies

One of South Korea’s largest cryptocurrency exchanges, Bithumb, has published its first audit report, detailing its financial performance as well as crypto reserves worth approximately $6 billion kept in 12 cryptocurrencies.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

$6 Billion Worth of Coins

South Korea’s second largest cryptocurrency exchange Bithumb recently released its first public audit report.

Korean Exchange Bithumb Has Reserves Worth $6 Billion in 12 CryptocurrenciesThe exchange has 220 employees and 15 shareholders, the report details. It generated 333.42 billion won (~US$312 million) in operating revenue in 2017, a significant increase compared to the previous year of 4.32 billion won (~$4.1 million). Its net profit was 534.90 billion won (~$501 million) in 2017, up sharply from 2.51 billion won (~$2.4 million) in the previous year.

The Korea Times elaborated:

The company said its crypto reserves at the end of 2017 were 6.3584 trillion won ($5.9186 billion), including 416 billion won-worth coins of its own. The figure was up nearly 220 times more than the previous year.

Korean Exchange Bithumb Has Reserves Worth $6 Billion in 12 CryptocurrenciesThe report breaks down the exchange’s coin reserves. Those deposited by clients 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 keeps its own coins. “Seven percent of the deposited cryptocurrencies (worth 415.9 billion won) were Bithumb’s, while clients deposited the rest,” the news outlet 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 up to 415,941 million won (~$390 million).

Bithumb Actively Expanding

Prior to the launch of the Kakao-backed cryptocurrency exchange Upbit, Bithumb has long been South Korea’s largest cryptocurrency exchange. Today, its 24-hour trading volume is $468 million, far less than Upbit’s trading volume of $1.715 billion during the same time period, according to Coinmarketcap.

Korean Exchange Bithumb Has Reserves Worth $6 Billion in 12 CryptocurrenciesBithumb has actively been growing its business this year. News.Bitcoin.com recently reported on the exchange launching a social media-based P2P payment system as well as its partnership with Wincube to sell 12,500 kinds of mobile vouchers from 600 brands through gift certificates.

This follows Bithumb’s announcement that it will supply kiosks to restaurants, cafes, and other eateries, to facilitate crypto payments as well as a partnership with a travel site with over 5,000 accommodation facilities. The company is also launching a service to allow crypto payments at approximately 8,000 physical stores through a partnership with Korea Pay’s Service.

What do you think of Bithumb’s crypto holdings? Let us know in the comments section below.

Images courtesy of Shutterstock and Bithumb.

Tags in this story
BCH, Bitcoin, bitcoin cash, Bithumb, BTC, BTG, Cryptocurrency, dash, digital curency, EOS, ETC, ETH, Exchanges, korea, korean, LTC, N-Markets and Prices, Qtum, reserves, South Korea, upbit, Virtual Currency, xmr, XRP

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Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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