Upbit posted a net profit last year. It is the only exchange that posted a profit among the four South Korean exchanges—Bithumb, Upbit, Coinone, and Korbit.
Upbit netted 143.3 billion won in income last year, up 33 percent from 2017. Its sales jumped 122 percent to 470.7 billion won last year. Its operating profit more than doubled to 287.5 billion won last year from 134.8 billion won in 2017.
Upbit said most of the income came when investment fever was at the highest in January and February last year.
The other exchanges turned deficit. Korbit posted a net loss of 45.8 billion won last year, a significant turnaround from 69.7 billion won in net profit in 2017.
Korbit’s sales went down to 26.8 billion won last year from 75.4 billion won in 2017. Its operating income turned to a deficit of 7.6 billion won, compared with a profit of 61 billion won in 2017.
Coinone turned in a net loss of 5.8 billion won last year. Its operating income was 4.5 billion won in deficit, a turnaround from 2017’s 52.4 billion profit, according to the Financial Supervisory Service.
Bithumb reported a net loss of 205.5 billion won last year. Its sales rose 17.5 percent, but its operating income was off 3.4 percent. Its deficit was mostly attributable to 381.9 billion won in valuation loss of its cryptocurrencies.
Major exchanges sustained a loss as their cryptocurrencies lost value in the nosediving market last year. The cryptocurrencies are their assets and they should value them at market prices.
Korbit sustained a valuation loss of 32.4 billion in its cryptocurrencies, a four-time jump from 2017.
