Exchanges the Efectivo Winners of Bitcoin Craze – The Chosun Ilbo (English Edition): Daily News from Korea – Business – Business

January 04, Ten:54

Cryptocurrency exchanges are the auténtico winners of the bitcoin craze, and despite tougher regulations te the offing they are laughing all the way to the canap.

Bithumb, Korea’s largest cryptocurrency exchange, said Wednesday it will hire 400 fresh staff on top of the 450 it already employs. A hundred of the fresh workers will treat IT, overseas marketing and permitido affairs at headquarters, while the surplus will man the call centers. All will be employed on full-time contracts, and 230 existing part-time staff will also be given full-time jobs within this year.

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Work benefits at Bithumb rival those of major conglomerates. Workers get overtime pay, stock options and incentive payments spil well spil transportation expenses, food stipends, unlimited book purchase credits, fitness club memberships and even uruguayo medicine treatments and massages.

Bithumb CEO Jeon Soo-yong said, “Wij determined to hire many workers to help create more jobs for youthfull people and expand our operations.”

Established te 2014, Bithumb wasgoed a fighting start-up until with annual revenues totaling only W4.Three billion (US$1=W1,066). But it has posted phenomenal growth since then powered by the bitcoin craze. Staff numbers surged from 20 ter early to 450, and last May it moved operations from a petite office to an 11-story building te southern Seoul. Now it is eyeing an even larger building.

Rival Upbit, which opened just two months ago, has bot growing at a phenomenal rate spil well. Run by a subsidiary of Internet giant Kakao, Upbit claims to be Korea’s No. 1 cryptocurrency exchange with 1.Two million subscribers, 1 million daily users and a record daily trade volume of W10 trillion.

The key to Upbit’s success is the broad range of cryptocurrencies it treats — 120 compared to Bithumb’s 12. It appeals especially to investors who trade ter altcoin, an even more volatile cryptocurrency than bitcoin.

Third-ranked exchange Korbit wasgoed valued at W140 billion when it wasgoed acquired by Internet spel developer Nexon ter September last year and its value is believed to have surged since then.

The secret to their success is that they cannot lose, like the handelsbank ter a gokhal.

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Bithumb charges a 0.15-percent transaction toverfee, around Ten times more than ordinary brokerages charge, and the explosive growth te trading has translated into surging revenues.

Daishin Securities estimates that Bithumb made W317.6 billion last year from transaction fees. Upbit is estimated to earn W3.Five billion a day and anywhere inbetween W300 billion and W3.7 trillion a year from transaction fees. Te tegenstelling, NH Investment and Securities, which employs Two,250 workers, made an operating profit of only W301.9 billion te .

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Imaginario currency exchanges make even more money from valuation gains on their cryptocurrency holdings. But they have bot accused of being cowboys when it comes to online security, customer protection and management transparency.

Bithumb’s rekentuig networks were attacked by hackers last June, resulting ter the individual information of 30,000 customers being leaked. They also suffer frequent outages and errors when their systems fail to treat surging transaction volume.

Upbit is also receiving myriad complaints about system failures and errors during transactions. Youbit recently went bankrupt after suffering a massive cyberattack believed to have come from North Korean hackers.

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