Despite the falling prices of premier cryptocurrencies such as Bitcoin and Ethereum, Upbit, South Korea’s largest cryptocurrency exchange, continues to grow. As per latest reports, the company has now noted a nine-digit profit despite a sluggish market.
Upbit Isn’t Bothered by Bearish Pressure
Cryptocurrency exchanges are the proverbial backbone of the digital asset industry. They allow traders and speculators to buy/exchange virtual currencies, either against similar currencies or other fiat assets. Upbit, South Korea’s biggest exchange, continues to grow despite a troublesome financial year, with the firm noting $100 mln in profits last quarter.
Upbit is not the only exchange to have seen some decent profits during this rocky period. Bithumb, once the country’s largest exchange ranked by trading volume, also noted a profit of $39m.
However, in the case of Bithumb, the company’s current returns are nearly one-fifth of what they were back in 2017.
With that being said, it will be interesting to see what the future holds for the South Korean crypto industry. The local government is still cracking down on trading platforms that are suspected of illicit activity. Interestingly enough, Upbit was also one of the exchanges that was actively investigated, although nothing incriminating was discovered in the process.
Even the crypto sector looks to be in terrible shape right now, the industry as a whole is doing just fine. Exchanges are still seeing their customer bases increase with each passing day, which only further confirms the growing interest of the masses in Bitcoin and other digital currencies.
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