Korea’s leading cryptocurrency exchanges Bithumb and UPbit suffered a sharp drop in sales last year along with the virtual asset trading volumes in the exchanges.
According to the Data Analysis, Retrieval and Transfer System of the Financial Supervisory Service, Bithumb Korea’s sales dropped from 391.6 billion won to 144.7 billion won in 2019. However, its net profit totaled 13 billion won and the company turned black in one year from a net loss of 205.4 billion won.
The sales of Dunamu, which runs UPbit, dropped from 479.5 billion won to 140.2 billion won in 2019. The cryptocurrency exchange’s sales are yet to be made public and can be confirmed in Dunamu’s audit report scheduled to be released next month.
Still, it is estimated that UPbit’s sales have decreased to the same extent as Dunamu’s in that UPbit accounts for most of Dunamu’s sales. Its net profit plunged from 137.5 billion won to 9.45 billion won last year.