Sales and Income Rocket at South Korea’s Biggest Crypto Exchanges

Source: Adobe/fotopoly

South Korean crypto exchanges are having a bumper 2021, with gross sales and revenue figures rising by means of the roof at the nation’s two largest buying and selling platforms.

Per Herald Kyungjae, just lately launched knowledge from Vidente, a minority shareholder within the market-leading Bithumb alternate, confirmed that the platform’s web gross sales for the previous monetary yr have been USD 193.5m. The firm’s web revenue was up by over 873% on the earlier yr, at USD 112.5m.

There was additionally a bumper rise in consolidated gross sales at Dunamu, the operator of Bithumb’s greatest rival Upbit. The media outlet mentioned that info launched by Dunamu confirmed that the operator posted consolidated gross sales figures of USD 156m for a similar interval, an increase of 26% on final monetary yr. And Dunamu’s web revenue was USD 46m – an increase of just about 400% on the earlier monetary yr.

The Dunamu figures additionally embrace revenue from the operator’s securities buying and selling platform, Stock Plus – though Herald Kyungjae said that this was more likely to symbolize solely a tiny fraction of the corporate’s consolidated gross sales.

The media outlet added that a rise in transaction charge revenue was more likely to have contributed to the large rise in profitability.

Much of this development is probably going This fall-led, as the primary few months of 2021 have seen South Korea welcome Crypto Fever 2.0, with latest knowledge exhibiting that buying and selling and transaction volumes have swollen to ranges far exceeding 2017’s peak. As beforehand reported, a technology of “crypto moms” has flocked to the market, with youthful traders additionally feeling that crypto funding is “not elective.”

The two platforms are more likely to obtain an additional enhance on March 25 when new legislation comes into power requiring all exchanges to submit anti-money laundering knowledge to monetary regulators and abide by real-name banking protocols.

Bithumb’s CEO claimed earlier this yr that the laws would likely see only “four to seven” crypto exchanges left standing in South Korea, with the authorized transfer successfully placing a swathe of smaller Bithumb and Upbit rivals out of enterprise in a single day.

This week, the OKEx alternate said that it could cease trading in South Korea in April, with the brand new laws forcing its hand.
Learn extra:
Morgan Stanley Rules out M&A Deal for Bithumb, Binance Is ‘Always Open’
Coinbase Aims For USD 1B Direct Listing, Reveals Results and Plans
Crypto Exchanges to Spend 2021 Focusing on DeFi, UX, and New Services

Recommended For You

About the Author: Daniel