Bithumb Can Buy Guam with Its Customers’ Funds and Still Have Change Left

The Seoul-based operator of one of the largest Bitcoin ‎exchanges in the world, Bithumb, revealed that it was holding ‎‎$6 billion worth of cryptocurrencies on behalf of its customers as of the end of 2017. ‎

Bithumb is a subsidiary of the publicly traded company BTC Korea.Com, ‎and thus it is obliged to file its audited accounts to the Financial Services ‎Commission (FSC).‎

Following the release of its annual financial statement, which showed ‎that Bithumb’s revenue increased 171-fold compared to 2016, the ‎exchange operator yesterday published a more detailed explanation of ‎the firm’s balance sheet.‎

The report further details that the $6.0 billion figure consists of $1 billion ‎worth of Bitcoin, ‎‎$1.6 billion of Ripple, $700 million worth of QTUM, $650 ‎million worth of ‎EOS, $600 million worth of Ethereum, $500 million worth of ‎Bitcoin Cash, ‎and $300 million of Bitcoin Gold.

With a reported 76 percent share of the South Korean bitcoin market volume and nearly 50 percent of ‎the Ethereum turnover, Bithumb is one of the five largest cryptocurrency exchanges in ‎the world. According to the updated metrics, the venue hosts over $476 million worth of trading volume daily or roughly eight percent ‎of the customers’ holdings.

The high percentage reveals how actively are South ‎Korean investors are trading cryptocurrencies.‎ Furthermore, the figures easily outstrip those of the country’s biggest brokerage houses ‎in terms of clients’ deposits or the number of ‎accounts. ‎On some days, daily volume at Bithumb has surpassed that of the ‎Kosdaq index, the South Korean exchange’s small-cap benchmark, which has a market value of $250 billion.  ‎

Bithumb makes money from trading volume when cryptocurrencies ‎change ‎hands between investors. Global trading volumes ‎held steady above ‎‎$40 billion in late 2017 when the virtual asset class has gripped the attention ‎in Korea and worldwide alike.‎

bitcoin
Bitcoin (BTC) $ 16,214.26 2.11%
ethereum
Ethereum (ETH) $ 1,175.16 3.58%
tether
Tether (USDT) $ 1.00 0.04%
bnb
BNB (BNB) $ 295.80 5.76%
usd-coin
USD Coin (USDC) $ 1.00 0.06%
binance-usd
Binance USD (BUSD) $ 1.00 0.02%
xrp
XRP (XRP) $ 0.385828 4.19%
dogecoin
Dogecoin (DOGE) $ 0.095358 2.55%
cardano
Cardano (ADA) $ 0.306823 3.49%
matic-network
Polygon (MATIC) $ 0.823870 4.17%
S&P 500  ^GSPC 
$4,026.12  $1.14  (-0.03%)
Dow Jones Industrial Average  ^DJI 
$34,347.03  $152.93  (0.45%)
NASDAQ Composite  ^IXIC 
$11,226.36  $58.94  (-0.52%)
Russell 2000  ^RUT 
$1,869.19  $5.67  (0.30%)
Crude Oil Jan 23  F*CL.NYM 
$74.13  $2.15  (-2.82%)
   
$0.0000  $0.0000  (0.00%)