Cryptocurrency exchange, UPbit makes a whopping profit of $100 million in the third quarter of 2018, despite a decline in trading volume and the bear market. This data was obtained by the mainstream media outlet, Yonhap based on the data released by the Repository of Korea’s Corporate Filings (DART).
Since its launch in 2017, the exchange demonstrated one of its best quarters, demonstrating a margin that’s three times bigger than the Bithumb exchange. The steep decline in Bithumb’s profit margin is attributed to the $40 million security breach that the exchange experienced in June this year. Apart from this, the exchange did not operate for a month to overhaul its security and internal management systems, which also contributed towards this massive decline in its profit margin.
The exponential growth of the UPbit cryptocurrency exchange in the last eight months took experts in the South Korean crypto sector by surprise. The exchange recorded a profit of $100 million with total corporate holdings worth $1.2 billion just within two months of its launch in 2017.
The exchange went on to beat the Bithumb exchange in 2018 to become the largest crypto trading platform in Korea in terms of user base, corporate assets, volume, and revenue. Some analysts are of the opinion that Kakao’s involvement and its subsidiary company Dunamoo in the operation of the exchange played a key role in helping UPbit to emerge as a major global exchange.
Apart from this, Kakao also recently launched KakaoPay which gained 90 percent of the Korean fintech market share in a month’s time as stated in the CCN report. Kakao has disclosed its intentions of integrating cryptocurrencies in the near future. It also highlighted the fact that KakaoPay is compatible with UPbit.
The services and connections offered by Kakao continue to positively impact the UPbit cryptocurrency exchange in moving ahead. Market analysts expect the exchange’s profit margin to substantially increase in the coming few months.
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