Bithumb holds $6 bln in crypto

South Korean cryptocurrency exchange Bithumb is the largest due to its daily trading volumes. The recent audit report held by the Financial Supervisory Service showed that Bithumb holds $6 bln worth of cryptocurrencies. This sum is spread between $1 bln worth of Bitcoin, $1.6 bln of Ripple, $0.7 bln worth of QTUM, $0.65 bln worth of EOS, $0.6 bln worth of Ethereum, $0.5 bln worth of Bitcoin Cash, and $0.3 bln of Bitcoin Gold. Bithumb also holds fiat money: $0.4 bln.

The amount of holdings, with the consideration of the daily trading volume of $476 million clearly depicts the interest for cryptocurrencies in South Korea, despite all the regulations in the country. The report shows that Bithumb is the most popular exchange in the country. The volume of trade stands for about 75% of the bitcoin trading and about 50% of the Ethereum trading. The revenue of the exchange in 2016 reached $1.82 million, while it was already $312 million as a result of 2017.

The crypto-enthusiasts are taking cryptocurrencies to the offline, too. Bithumb goes for a partnership with Korea Pay’s Services to do business with more than 8,000 offline stores by the end of 2018. It is known that more than 200 brands want to be paid in cryptocurrency, and the numbers are growing.

Image courtesy of hyipstat.com