Bithumb, South Korea's largest crypto Exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
Read this Term, could not avoid the wrath of so-called “crypto winter” as the company posted a net loss of 205.5 billion won (around $180 million) in 2018.
Reported by Korea Times on April 11, the figures were published by Bithumb’s parent organization BTCKorea.com. The present figure has created a stir in the market as, a year ago, the crypto exchange recorded a net profit of 427.2 billion won (approximately $375 million).
A double-digit increase in sales
Despite the recorded loss, the exchange saw a 17.5 percent increase in sales, touching 391 billion won (around $343 million). The primary reason behind the financial loss is the year-long bear in the digital asset market, Korea Times said.
The exchange, however, is continuously pushing to expand its offerings and is eying to make a mark on the global map. “In terms of sales, we saw a 17 percent increase, and we continue to increase overseas investments,” an exchange official told Korea Times.
The South Korean exchange is not the only one whose rising profits turned into losses in recent months, as we saw the same trend for major crypto companies, including Bitmain.
Last month, reports surfaced that the crypto exchange has laid off over 150 employees - almost 50 percent of its workforce - amid financial struggles.
Still a vulnerable exchange?
Bithumb is South Korea’s largest crypto exchange in terms of executed trade values. Since its inception, the exchange was attacked twice by cybercriminals and lost millions in funds. Earlier this month, the exchange reported the most recent attack, which resulted in the theft of an estimated $19 million. The exchange suspects the attack to be an “accident involving insiders.”
Addressing the issue, the exchange's parent company also assured that customers’ funds had been transferred to cold wallets.
Bithumb, South Korea's largest crypto Exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
Read this Term, could not avoid the wrath of so-called “crypto winter” as the company posted a net loss of 205.5 billion won (around $180 million) in 2018.
Reported by Korea Times on April 11, the figures were published by Bithumb’s parent organization BTCKorea.com. The present figure has created a stir in the market as, a year ago, the crypto exchange recorded a net profit of 427.2 billion won (approximately $375 million).
A double-digit increase in sales
Despite the recorded loss, the exchange saw a 17.5 percent increase in sales, touching 391 billion won (around $343 million). The primary reason behind the financial loss is the year-long bear in the digital asset market, Korea Times said.
The exchange, however, is continuously pushing to expand its offerings and is eying to make a mark on the global map. “In terms of sales, we saw a 17 percent increase, and we continue to increase overseas investments,” an exchange official told Korea Times.
The South Korean exchange is not the only one whose rising profits turned into losses in recent months, as we saw the same trend for major crypto companies, including Bitmain.
Last month, reports surfaced that the crypto exchange has laid off over 150 employees - almost 50 percent of its workforce - amid financial struggles.
Still a vulnerable exchange?
Bithumb is South Korea’s largest crypto exchange in terms of executed trade values. Since its inception, the exchange was attacked twice by cybercriminals and lost millions in funds. Earlier this month, the exchange reported the most recent attack, which resulted in the theft of an estimated $19 million. The exchange suspects the attack to be an “accident involving insiders.”
Addressing the issue, the exchange's parent company also assured that customers’ funds had been transferred to cold wallets.