Bithumb Exchange has 12 Cryptocurrency Reserves Worth $6 Billion
Bithumb Released their First Audit Report
Coins worth $6 Billion
Bithumb which is one of the largest cryptocurrency exchanges in South Korea just released the first audit report.
The cryptocurrency exchange is composed of 220 employees and a total of 15 shareholders. This is according to the report. Additionally, it has generated a total of $312 million from the 2017 operating revenue. Therefore, this represents an increase when compared to the previous year’s statistics of around $4.1 million. In 2017, the net profit was amounting to $501 million which was a representation of an increase of 2.4 million.
According to the Korea Times;
The company said its crypto reserves at the end of 2017 were 6.3584 trillion won ($5.9186 billion), including 416 billion won-worth coins of its own. The figure was up nearly 220 times more than the previous year.
Therefore, the report broke down the exchange based coin reserves. The coins which were deposited by the clients are 49,559 BTC; 583,004 ETH; 54,383 DASH; 492,897 LTC; 5,560,189 ETC; 597,627,574 XRP; 156,956 BCH; 195,728 XMR; 94,261 ZEC; 9,761,686 QTUM; 993,839 BTG; and 63,087,428 EOS. Therefore the report shows that currently, they are worth around $5.57 billion.
Additionally, the exchange has its own coins also. According to the news outlet;
Seven percent of the deposited cryptocurrencies (worth 415.9 billion won) were Bithumb, while clients deposited the rest.
The Bithumb holdings currently are; 3,228 BTC; 24,514 BCH; 65,421 ETH; 7,847 DASH; 100,437 LTC; 387,993 ETC; 40,834,963 XRP; 10,083 XMR; 2,473 ZEC; 324,029 QTUM; 10,590 BTG; and 553,181 EOS. This is in accordance to the report. Therefore, this total value is around $390 million.
Bithumb Actively Expanding
Before the launch of Upbit, Bithumb was the largest cryptocurrency exchange in South Korea. Today, it has a 4468 million 24-hour trading volume. Therefore, this is less than the current Upbit volume of $1.715 billion at the same time.
Bithumb has dedicated itself to the growth of business this year. According to a report, the exchange will launch a P2P payment system and also a partnership with Wincube of selling mobile vouchers amounting to 12,500 from 600 brands. This is through gift certificates.
Additionally, Bithumb claims to supply kiosks to the restaurants, eateries, and cafes to make sure that the crypto payments are facilitated. This is in partnership with a certain travel site with a total of 5,000 accommodation facilities.