[Digital Today Reporter Jung Yoo-rim] The performance of virtual asset (cryptocurrency) exchanges has improved significantly thanks to the increase in transaction volume, which has continued from last year to this year.
It is analyzed that the four major exchanges, as well as small and medium-sized exchanges, which have already been issued with real-name check-in accounts (real-name accounts) from banks, are directly benefiting from the bull market.
Among these, the gap between Upbit and Bithumb, which are regarded as Yanggang in domestic exchanges, and Coinone and Kobit, which follow, are gradually widening.
Upbit operator, Dunamu, was found to have recorded sales of 1767 billion won in 2020. The operating profit was 86.8 billion won. In the case of operating profit, compared to the previous year, about 42.2 billion won in 2019, it has more than doubled.
Bithumb Korea, which operates the virtual asset exchange Bithumb, recorded sales of 2185 billion won and operating profit of 149.2 billion won last year. In the case of Bithumb, the net income for the period was 37.3 billion won in 2019, but in 2020 it increased significantly to 141.1 billion won.
Coinone and Kobit, the latecomers, also improved their earnings, but the gap between Upbit and Bithumb appears to have widened. Coinone was found to have generated 31.3 billion won in sales and 15.5 billion won in operating profit in 2020. In particular, it made an operating deficit of about 7 billion won in 2019, but turned to a surplus this year. However, in terms of sales volume alone, it is about 5-6 times different from Upbit and Bithumb.
In 2020, Corbit recorded 2.8 billion won in sales and 8.6 billion won in operating loss. The operating deficit in 2019 was about 13.6 billion won, but Kobit also reduced the size of the deficit.
Meanwhile, small and medium-sized exchanges that have not yet acquired real-name accounts are putting their lives and deaths on securing business rights.
In accordance with the enforcement of the revised Special Special Act, business operators such as exchanges that handle virtual assets must report to the Financial Information Analysis Agency (FIU) after satisfying the requirements provided by the law, such as obtaining an information protection certification system (ISMS), to receive repairs and operate. You can continue. Existing companies have decided to give a grace period for six months until September, but there is not much time.
In particular, real-name accounts are a necessary condition for virtual asset operators to continue their operations along with ISMS, but partnerships with banks are not easy. There are also stories that the exchanges that have been issued real-name accounts are not in a position to be relieved, such as having to go through the evaluation again.
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.