Major South Korean cryptocurrency exchanges saw a significant loss in 2018, according to the released Profit & Loss report for the last year.
Among the major cryptocurrency exchanges, it was only Upbit that reported a net profit of over $87.95 million, which already took into account the cryptocurrency prices decline loss.
Upbit’s operator, Dunamu Inc. saw a twofold growth in its sales as well as operating profit from 2017, as per the reports by Business Korea. However, the gained profit is said to be much related to Upbit’s commission policy which minimizes the overall amount of their cryptocurrency holdings, which also made them have less cryptocurrency on hand than the other cryptocurrency exchanges.
On the other hand, the operator of Bithumb, BTC Korea.Com Co., recorded a net loss of $180.65 million, $199.47 million of that was a result of cryptocurrency valuation losses.
The 17.5% sales growth didn’t appear to make up as the recently hacked cryptocurrency exchange’s operating profit saw a 3.4% decline within 2018.
Coinone too is just another victim of the extended bearish market as they filed a net loss of $5.10 million. The loss came as a combination of a quick sales drop, cryptocurrency valuation, losses on operational and deposition.
However, the largest loss in 2018 was seen by Korbit. According to the reports, the exchange recorded a huge $40.28 million net loss, that incorporated losses on valuation of digital currencies and losses on disposition.