Largest South Korean Exchange Bithumb reports huge losses for 2018

  • Bithumb reported a loss of 205.5 billion won ($180 million) for 2018.
  • Despite reported losses, the exchange is still pressing ahead with global expansion plans.

Bithumb, the South Korean largest crypto exchange has not been able to deal with the “crypto winter”. The company recently announced a huge net loss of 205.5 billion won, which equated to around $180 million) in 2018.

The figures were released by Bithumb’s parent organization BTCKorea.com according to Korea Times. Looking comparatively, the crypto exchange recorded a net profit of 427.2 billion won around $375 million a year ago.

Despite the noted loss reported, the exchange has seen a 17.5% increase in their sales, reaching 391 billion won around $343 million.

Bithumb is continuing to press ahead with avenues to expand its offerings. An official for the company was quoted within the Korea Times and said “we continue to increase overseas investments.”

 

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