Bithumb Reports $30.5 Million in Profit for 2019

Bithumb, a leading South Korean crypto exchange, has reported a net profit of 37.2 billion won (around $30.5 million) for 2019.

Announced on Tuesday, this is a major relief for the exchange giant following its $170 million in losses for the previous year.

The press release detailed that in 2019, Bithumb recorded total revenue of 144.6 billion won (around $120 million) and operating income of 67.7 billion won (almost $55 million).

The figures were posted for a period when the South Korean digital currency market is seeing a significant drop in trading volume. A regulatory filing revealed that crypto trading volumes on Bithumb dropped by 70 percent last year from the figures of the previous year.

The exchange stressed that the impressive figures were the result of the exchange focus to improve customer experience on the platform.

Bithumb is also pushing to gain all the required local licenses to offer smooth services to its customer base.

“The Company improved internal productivity by reinvesting funds into the core IT infrastructure, enhancing dev and Anti-Money Laundering (AML) capabilities, and undergoing headcount and organizational restructuring,” Bithumb stated.

“In Q1 2020, the Company continued outplacement and additional restructuring efforts, thereby continuing the drive to reduce operational expenses.”

The exchange also restructured its trading fees by eliminating charges in digital currencies, thus minimizing the pricing risks due to volatility in the crypto market.

Expanding presence in the crypto industry

Apart from the exchange business, Bithumb is considering to dive into the high-demanding decentralized finance (DeFi) arena along with the decentralized application (DApp)-based services.

The exchange is also set to launch staking-as-a-service next week on its platform.

Last year, the crypto exchange was also slapped with a $69 million fine for outstanding taxes. The exchange, however, challenged the tax authority’s decision.

 

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