Get Exclusive Analysis and Investing Ideas of Future Assets on Hacked.com. Join the community today and get up to $400 in discount by using the code: “CCN+Hacked”. Sign up here.
Get Exclusive Analysis and Investing Ideas of Future Assets on Hacked.com. Join the community today and get up to $400 in discount by using the code: “CCN+Hacked”. Sign up here.

South Korea is the fourth most active country in the world in crypto trading, per Coinhills. This, however, did not count for much as three of the country’s top four bitcoin exchanges recorded losses in 2018. The big four are Upbit, Bithumb, Coinone and Korbit. According to Business Korea, only Upbit recorded a profit among the four.

The largest loss was incurred by Bithumb. Last week, its parent company BTC Korea.com announced a net loss of 205.4 billion Korean won ($180.7 million) for 2018. The losses were largely attributed to the fall in the value of the cryptocurrencies that Bithumb held.

Korbit, on the other hand, posted a net loss of 45.80 billion Korean won ($40.3 million) for fiscal 2018. In the second half of last year, Coinone recorded a net loss of 5.8 billion Korean won ($5.1 million).

Upbit Earns the Bragging Rights

In contrast, Upbit posted a net profit of 143.3 billion Korean won ($126.03 million). This was attributed to the fact that the exchange had a lower level of cryptocurrency holdings vis-à-vis its rivals.

The losses do not come as a surprise as some of the big four South Korean exchanges had already indicated they were undergoing a rough patch following the downturn in the crypto markets. Last month, Bithumb announced it was laying off over half of its staff. This reduced the number of employees from 310 to 150.

By posting a net profit Upbit joins a club of a select few that managed to weather the ‘crypto winter’. The select club includes Binance which is estimated to have posted a net profit of $78 million in 2019’s Q1. Since Binance does not publicly reveal its financials, the figure was computed based on quarterly buybacks of its BNB token.

Previous articleE-Commerce Giant Rakuten Opens Its New Crypto Exchange to Customers
Next articleBolt Labs Raises $1.5 Million Seed Round to Boost Lightning Privacy