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Bithumb Has Reserves Worth $6 Billion in 12 Cryptocurrencies



Bithumb reserve

Bithump which is second largest cryptocurrency exchange in South Korea has published its first ever public audit report in which it gives details of the performance of the exchange it also releases the report of its crypto reserve which is approximately $6 billion and in 12 cryptocurrencies.

Salient points of the first ever public audit report of Bithumb are as follows-

  • Total employees working are 200
  • There are 15 shareholders
  • Exchange generated 333.42 billion won (~US$312 million) in operating revenue in FY 2017
  • Operating revenue for 2016 is 4.32 billion won ($4.1 million)
  • Net profit in 2017 534.90 billion won($501 million) up by 2.5 billion won($2.4 million) from the previous year.

“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.”

The report breaks down the exchange’s coin reserves. Those deposited by 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.

The total worth of above reserve coins by clients have approximated around  5.94 trillion won (~$5.57 billion), the report shows.

Bithumb also mentioned that it also holding coins and which is around seven percent. “Seven percent of the deposited cryptocurrencies (worth 415.9 billion won) were Bithumb’s, while clients deposited the rest,”

According to the report, Bithumb’s own holding on various coins are as 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.

Before the launch of cryptocurrency exchange Upbit (which is now South Korea’s biggest crypto exchange) Bithumb long served as biggest cryptocurrency exchange of South Korea but now it is second largest after Upbit.According to Coinmarketcap at present Bithumb’s 24-hour trading volume is $468 million, far less than Upbit’s trading volume of $1.715 billion.

Bithumb is continuously stretching its arm in other areas too according to a recent report exchange is planning to launch a social media-based P2P Payment System and its partnership with Wincube to sell 12,500 kinds of mobile vouchers from 600 brands through gift certificates.

Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

Neeraj Pandey is a crypto enthusiast who writes ardently about happenings in the crypto world since 2016 and delivers his knowledge of Blockchain, initial coin offerings (ICOs)  and breakdowns of the crypto world to its users relentlessly.