Bithumb's Q1 net profit up 875% on-year on crypto boom

[Photo by Han Joo-hyung]

Bithumb Korea Co., operator of South Korean crypto exchange Bithumb, reported a near 900 percent on-year surge in its first-quarter net profit on the back of virtual currency craze.

In a quarterly report on Monday, Bithumb’s major stakeholder Vidente said that Bithumb Korea raised 222.5 billion won in net profit in the January-March period, up 876 percent from a year earlier, on sales of 250.2 billion won, up 458 percent.

The surge in profit was driven by a jump in trading volume on par with the country’s two stock markets Kospi and Kosdaq amid investor interest.

Brokerages projected that Bithumb will report best-ever earnings this year in line with investors’ frenzy for digital coins for higher returns.

Bithumb’s commission rate – 0.25 percent – is higher than other crypto exchanges Coinone (0.2 percent), Cobit (0.15 percent), and Upbit (0.05 percent) in the country.

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