South Korean cryptocurrency UPbit exchange, launched an Internet company Kakao, has reported about results of work in the third quarter of this year, from which it follows that its profit for the period amounted to $100 million While at the same time the crypto currency exchange Bithumb was able to get $35 million profit.
The report Kakao over the past six months States that the operator of crypto currency exchange, the company Dunamu, received 19,330 million won ($of 17.35 million) net profit, as its assets reached the level of 1.25 trillion won ($1.1 billion). As the results of 2017, these figures were 190,31 billion won ($170 million) and 1,257 trillion won ($1.1 billion), respectively.
Despite the fact that Dunamu also manages KakaoStock, the largest South Korean mobile app for stock trading, it is reported that the main part of the company’s profits tied to Upbit. In this case, the Upbit start in October 2017 in Dunamu set the ambitious goal is to make this the largest crypto currency exchange in the country.
We will remind, in the spring of this year the company Dunamu announced that it has developed South Korea’s first cryptocurrency Upbit Crypto index Index (UBCI), which evaluates market conditions and provides standard quotes tokens. And UPbit in early August passed the audit, which was requested after the may searches at its offices. The audit confirmed that the full solvency of crypto currency exchange. According to the company’s Yoojin Accounting Corporation, the ratio of reserves UPbit was 103%, and cash — 127%.
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