Bithumb one of the leading crypto exchanges in the world has reported a strong financial report for 2019. According to the report, Bithumb made 144.6 billion KRW in total revenue.
This consists of 67.7 billion KRW in operating income and 37.3 billion KRW in net income. Bithumb is regarded as the biggest exchange in Korea and these numbers represent a reversal of fortunes following a huge loss incurred in 2018.
The exchange had a dismal 2018 posting a net loss of 205.7 billion KRW which was the highest since its inception. This was partly due to the crypto carnage that affected trading on the platform and saw the firm posted damaging losses.
2019 also possed similar challenges with the extended crypto winter but Bithumb made necessary adjustments that resulted in relatively strong results. The major change was an amendment to its trading fee policy which reduced the company’s risk and increased accounting transparency.
In addition, the exchange has also improved its internal productivity by investing funds into its IT infrastructure and made organizational restructuring.
Bithumb currently has a trading volume of $92,783,335 and supports over 100 currencies on its platform.
Bithumb to Integrate Blockchain-based, Digital ID Service ‘MyID’
Bithumb is also set to integrate blockchain-based digital id MyID on its platform. The initial setup is set to be integrated on its virtual trading platform and subsequently rolled out to its other products.
MyID is expected to improve the authentication process on the crypto exchange and add additional protection for users’ data. The authentication system reduces the tedious process of identification and simplifies this by using blockchain and biometric authentication technology.
Bithumb will be one of the first major crypto exchanges to integrate this service that has been trialed by 57 companies including conglomerates like Samsung as well as financial institutions like Shinhan Bank and IBK Bank.
This is a good development for the crypto platform as it continues to hold fort as one of the major players within the Asian blockchain market.