Bithumb Korea Reports Operational Losses Due to Declining Crypto Trading Volume

According to decenterBithumb Korea, the company behind the virtual asset exchange Bithumb, has reported a significant operational loss in the second quarter of 2023. According to the electronic disclosure system operated by the Financial Supervisory Service on August 16, Bithumb Korea recorded an operational loss of KRW 3.442 billion in the second quarter. This is in stark contrast to the profit of KRW 38.42 billion that was witnessed during the same time period the previous year.

Earnings for the corporation as a whole also went down, decreasing by 60% yearly to a total of KRW 31.993 billion. The net loss for the time was KRW 8.583 billion, which is much less than the loss of KRW 43.3 billion that occurred during the previous year.

Analysts attribute Bithumb’s deteriorating performance to the decrease in virtual asset trading volume, leading to a decline in fee-based income. The first quarter saw a bullish trend in virtual asset prices, but by the second quarter, prices stagnated below the $30,000 mark, causing a dampening of investor sentiment. While there were brief rebounds due to positive news such as major US asset managers applying for Bitcoin (BTC) ETF listings and Ripple (XRP) securing legal victories, these did not translate into sustained growth.

In response to the declining trading volumes, Bithumb has initiated a no-fee event for select virtual assets in a bid to boost activity. Currently, the exchange is not charging fees for transactions involving assets like Solana (SOL), Ethereum Classic (ETC), and Sandbox (SAND) among 30 other virtual assets. Bithumb stated, “The goal is to lower the barrier of entry for investors and increase new inflows to ensure liquidity. This no-fee zone event is the beginning, and we plan to introduce more proactive and diverse services.”

Bithumb Korea, established in 2014, has become a prominent virtual asset exchange on the global stage. With its deep expertise in virtual asset trading and blockchain technology, Bithumb is poised to shape the future of digital financing platforms worldwide. As per Coinmarketcap, Bithumb currently ranks 13th in terms of spot trading volume.

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Trading Titan Robinhood Rolls Out Crypto Wallet Beta Program

American financial services giant Robinhood is rolling out the beta version of its crypto wallets program after months of anticipation.

According to a new blog post, the company will hand out crypto wallets to the 1,000 customers who were on top of the program’s waitlist for testing and safety checks.

Robinhood says that by March, the number will be increased to 10,000 before the wallets are eventually distributed to every person on the waiting list.

Participants will be responsible for testing out the core features of the wallet, including potential updates as well as its safety features. The beta version of the wallet will allow users to send and receive crypto assets from Robinhood to external crypto wallets, connecting holders of digital assets on the popular trading app to blockchain projects for the first time ever.

“Beta testers will help us test core functionality and provide critical feedback to inform the final version of the product…

Connecting millions of Robinhood customers to the blockchain ecosystem in a safe, accessible setting is a massive undertaking. We take this responsibility seriously, which is why we’re rolling out wallets methodically.”

Beta testers will have a daily limit of $2,999 in total withdrawals and will be limited to just 10 transactions per day.

Robinhood first announced the crypto wallets projects last September. Currently, the trading giant supports trading for seven digital assets: Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ethereum (ETH), Ethereum Classic (ETC), and Litecoin (LTC).

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Deutsche Boerse-owned Eurex debuts Bitcoin futures trading

Eurex, a derivatives exchange owned by German stock market operator Deutsche Börse, has debuted cryptocurrency derivatives trading with ETC Group’s Bitcoin (BTC) exchange-traded note (ETN) futures product.

Eurex officially announced Monday the launch of the Bitcoin ETN Futures contract developed by London-based crypto derivatives issuer ETC Group.

“As the first step in our portfolio of crypto derivatives, the offering is the first regulated market in Bitcoin-related derivatives in Europe,” Eurex said.

The euro-denominated Bitcoin ETN Futures contract is based on ETC Group’s flagship product, centrally cleared Bitcoin exchange-traded product (ETP), known as BTCetc Physical Bitcoin (BTCE). The futures contract allows investors to track the price development of Bitcoin in a regulated environment and will be physically delivered in BTCE, which is 100% backed by Bitcoin and can be instantly converted by any investor into the underlying BTC.

ETC Group CEO Bradley Duke noted that the latest listing marks another major milestone in providing institutions with financial products that enable exposure to crypto on regulated exchanges. “The selection of BTCE by Eurex, Europe’s largest derivatives exchange, further establishes ETC Group’sleadership in the crypto ETPs and is recognition of the quality of our products and their world-beating liquidity,” he noted.

Related: Swiss Exchange SIX granted approval to launch crypto marketplace

The Bitcoin ETN Futures’ listing on Eurex comes more than a year after ETC Group listed its BTCE ETP product on Xetra, a major digital stock exchange operated by Deutsche Borse. The ETP is now listed on multiple European exchanges, including the SIX Swiss Exchange. In July, ETC Group announced that BTCE was going carbon neutral by offsetting the carbon footprint through hand-selected carbon credits to compensate for carbon emissions associated with BTCE Bitcoin mining.