Cryptocurrency Exchange Bithumb Has Revealed Through An Audit Report That It Has a $6 Billion Reserve In Cryptocurrency
South Korean-based cryptocurrency exchange giant Bithumb has revealed that it holds cryptocurrencies worth almost $6 million in more than one cryptocurrency.
The crypto exchange revealed the impressive $6 billion reserve through its first audit report which it published recently. The report included the financial performance of the exchange and also cryptocurrency reserve. The crypto exchange revealed through the report that 220 employees and 15 shareholders. The reserve consists of different coins adding up to about $5.9186 billion at the end of 2017. This means that the reserve amount has gone up almost 220 times compared to the previous year.
Bithumb owns 7 percent of the cryptocurrencies in reserve valued at about 415.9 billion Won (South Korean currency) while the rest of the cryptocurrencies were deposited by clients. It also stated that its operating revenue in 2017 was $312 million. This is impressive considering that its operating revenue in the previous year was $4.1 million. The crypto exchange had a net profit of $501 million in 2017, thus marking an increase of $2.4 million compared to the net profit in the previous year.
Bitcoin has enjoyed significant success in South Korea especially since it host 2 of the biggest crypto exchange in the world. Bithumb and Upbit both had a 24-hour trading volume of $1 Billion at the time of this press.
Bithumb has grown significantly over the past one year and it has also been working on achieving more growth. A recent report recently revealed that it is currently working on launching a P2P payment system based on social media. The company is also teaming up with Wincube for a service through which they will sell mobile vouchers in the form of gift certificates from 600 brands.
The announcement of Bithumb’s audit report also comes after previous announcements that Bithumb will provide kiosks to eateries including cafes and restaurants so that it can facilitate payments through cryptocurrencies. The South Korean crypto exchange is also teaming up with various travel websites so to enable payment through digital currencies. It is also working on a different service that will facilitate crypto payments in more than 8,000 stores through a partnership with the country’s Pay’s service.
The list of supported cryptocurrencies is growing lately. Today Bithumb added Monaco (MCO) to their platform. Upon this announcement the price of Monaco shot 100% up.
The cryptocurrency exchange has been on a mission to facilitate the adoption of cryptocurrencies. Having such a huge crypto reserve will come in handy for projects that the company will work on in the future.