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In 2023, despite an increase in trading activity, Bithumb Korea’s financial results suffered as the company faced challenges that adversely affected its bottom line.
The exchange experienced a sharp decrease of over 57% in revenue year-over-year, falling from 3.201 billion won in 2022 to just 1.358 billion won in 2023. Factors such as a contentious strategy aimed at attracting individual traders are among the reasons for the downturn in revenue.
- A Newdaily report highlighted a dramatic 74.5% drop in Bithumb Korea’s net income, sliding from 954 billion won the previous year to 243 billion won, despite the company posting a profit for four years in a row.
- The crash in cryptocurrency values during the prolonged downturn in the market played a significant role, with Bithumb’s implementation of zero-fee trading in Q4 of 2023 further impacting its revenue negatively.
- Bithumb persisted with its expansion throughout South Korea in 2023, seeking to increase its market reach in the face of challenging market trends.
- Τον Ιανουάριο, Bithumb καταγράφονται an impressive Bitcoin trading volume of nearly $3 billion, overshadowing Upbit, which posted under $1 billion.
- This was significant given Upbit’s previous supremacy in South Korea’s cryptocurrency market.
- Both exchanges experienced an upswing in trading volumes after a temporary market recovery, with Bithumb rapidly φθάνοντας a record 72% market share in early February.
- Additionally, Bithumb’s planned IPO encountered δυσκολίες due to a revision of internal strategies and complications linked to its former chairman Lee Jeong-hoon.
- Η εταιρεία ήταν παλαιότερα αναφερθεί to be preparing for an IPO on the Kosdaq, a step it was supposed to take in the second half of 2025.
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- πηγή: https://cryptoinfonet.com/crypto-trading/report-reveals-bithumb-koreas-financial-results-decline-in-2023-despite-increased-trading-activity/