Revenues of the South Korean cryptocurrency exchanges has risen 85 times

Revenues of the South Korean cryptocurrency exchanges has risen 85 times

According to data released Sunday by a politician from the ruling Democratic party of South Korea, the profit of 30 cryptocurrency exchange in 2017 reached 700 billion won (approximately 648 million dollars).

In 2016 this figure amounted to only 8 billion won.

The data was published Sunday, former journalist and now a politician, Park Kwang-on, who had worked as a press Secretary of the President of South Korea, moon Jae-in. The government took an active part in the calculations based on the data presented cryptocurrency exchanges.

According to published data Upbit is the leading provider of cryptocurrency market in the country, occupying over half of the cryptocurrency market in South Korea, but rather to 52.9%. Bithumb, Korbit and Coinone three other kupreychik cryptocurrency exchanger go for Upbit.

Upbit income amounted to 194,3 billion won (182 million U.S. dollars), Bithumb – 317,7 billion won (297 million U.S. dollars). And Korbit and Coinone earned 67 billion won ($62 million) and 78.1 billion won (73 million dollars), respectively.

South Korea has become one of the world’s largest cryptocurrency markets in 2017, despite the ban on ICO at the end of September. Rumors that South Korea after China banned the cryptocurrency exchanges activity was not confirmed, and the government of South Korea even made a special address to rebut this information.

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