Bithumb Can Buy Guam with Its Customers' Funds and Still Have Change Left

The Seoul-based operator of one of the largest Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term ‎exchanges in the world, Bithumb, revealed that it was holding ‎‎$6 billion worth of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term on behalf of its customers as of the end of 2017. ‎

Bithumb is a subsidiary of the publicly traded company BTC Korea.Com, ‎and thus it is obliged to file its audited accounts to the Financial Services ‎Commission (FSC).‎

Following the release of its annual financial statement, which showed ‎that Bithumb’s revenue increased 171-fold compared to 2016, the ‎exchange operator yesterday published a more detailed explanation of ‎the firm’s balance sheet.‎

The report further details that the $6.0 billion figure consists of $1 billion ‎worth of Bitcoin, ‎‎$1.6 billion of Ripple, $700 million worth of QTUM, $650 ‎million worth of ‎EOS, $600 million worth of Ethereum, $500 million worth of ‎Bitcoin Cash, ‎and $300 million of Bitcoin Gold.

With a reported 76 percent share of the South Korean bitcoin market volume and nearly 50 percent of ‎the Ethereum turnover, Bithumb is one of the five largest cryptocurrency exchanges in ‎the world. According to the updated metrics, the venue hosts over $476 million worth of trading volume daily or roughly eight percent ‎of the customers’ holdings.

The high percentage reveals how actively are South ‎Korean investors are trading cryptocurrencies.‎ Furthermore, the figures easily outstrip those of the country’s biggest brokerage houses ‎in terms of clients’ deposits or the number of ‎accounts. ‎On some days, daily volume at Bithumb has surpassed that of the ‎Kosdaq index, the South Korean exchange’s small-cap benchmark, which has a market value of $250 billion. ‎

Bithumb makes money from trading volume when cryptocurrencies ‎change ‎hands between investors. Global trading volumes ‎held steady above ‎‎$40 billion in late 2017 when the virtual asset class has gripped the attention ‎in Korea and worldwide alike.‎