The main source of income for transaction fees Average 1% commission applied
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As the domestic investment fever of virtual currency (virtual assets) such as bitcoin, which started from the end of last year, is heating up every day, the net profits of domestic exchanges have also increased sharply.
According to the business report (consolidated basis) of Bident, the shareholder of Bithumb Korea on the 23rd, Bithumb Korea’s sales last year reached 219.1 billion won, up 51.4% from a year ago. In particular, the net income for the year was 12.75 billion won, an 873.5% jump from the previous year (13.90 billion won). A Bithumb official explained, “Since the second half of last year, as the price of virtual assets such as bitcoin increased, the number of members who chose Bithumb increased and transactions were also active.”
Last year’s sales (consolidated basis) of Dunamu, the operator of the virtual currency exchange Upbit, reached 17.67 billion won, an increase of 26% in one year. During the same period, the net income of Dunamu was 46.4 billion won, a 391.1% increase from the previous year (9.46 billion won). In addition to Upbit, Doonamu also operates a mobile stock information service,’Securities Plus,’ which accounts for the largest portion of the total sales.
The cryptocurrency market was quiet until the beginning of last year, but it started to catch fire in November. Bitcoin, the leader of virtual currency, recovered around 20 million won in 2 years and 10 months at Bithumb on November 18 last year, and soared to 71 million won, the highest price ever this month.
The main source of income for cryptocurrency exchanges is transaction fees. Bithumb fees are applied at 0.04% (coupon applied) to 0.25% in both the KRW market (market) and the Bitcoin market. In Upbit, a fee of 0.05% in the KRW market (0.139% in case of pre-order) and 0.25% in the bitcoin market and tether market is applied. Different virtual assets are traded with bitcoin in the bitcoin market and tether in the tether market. The fees of the two exchanges vary slightly by market, but the overall average is 1%, which is not significantly different.
/ Intern reporter Park Shin-won [email protected]
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