Bithumb reported a loss for the second quarter of 2023
Bithumb reported a loss for the second quarter of 2023
Bithumb Korea, the operator of the Bithumb cryptocurrency exchange, has reported its financial results for the second quarter of 2023.
The company reported an operating loss of 3.442 billion won for the period, a significant decrease from the operating profit of 3.842 billion won recorded in the second quarter of 2022.
In addition, Bithumb's trading volume fell 60 percent year-on-year to 31.993 billion won in the second quarter, according to Decenter.
However, the net loss for the current period decreased to 8.583 billion won from 43.3 billion won in 2022.
Bithumb believes that the main factor that affected its financial results in the second quarter was a decrease in commission income due to a decrease in virtual asset trading volume.
It is worth noting that the exchange has launched a series of activities related to virtual assets in an attempt to increase trading volume and attract new clients.
Currently, the company has waived commissions for 30 types of virtual assets, including Solana (SOL), Ethereum Classic (ETC), and Sandbox (SAND).
Read also: PayPal to suspend the purchase of crypto for UK users.
