Bithumb Q1 Operating Profit Surges 283% YoY to 62.1 Billion Won

IconCNT16 May, 2024

cryptonews.jpg

Bithumb Q1 Operating Profit Surges 283% YoY to 62.1 Billion Won

Bithumb, South Korea's largest cryptocurrency exchange, has reported a remarkable surge in its operating profit during the first quarter of 2023. According to a recent announcement, the exchange posted an impressive 62.1 billion won in operating profit, marking a significant 283% increase compared to the same period last year. This notable growth was driven by a substantial increase in sales, which witnessed a 172% year-over-year rise to reach 1,382 billion won. The exchange's net profit also saw a significant boost, climbing 126% to 91.9 billion won. Bithumb's financial performance aligns with the broader trend of increased cryptocurrency adoption and trading activity, which has been particularly evident in South Korea. The exchange's strong results demonstrate its continued dominance in the domestic market and underscore its resilience amidst the ongoing market volatility. Previously on June 15, 2023, Bithumb announced its plans to expand its global presence by establishing a presence in multiple countries and pursuing strategic partnerships.

Related News