Crypto firms are struggling in South Korea

South Korean crypto exchanges Upbit and Bithumb have seen revenues plummet in the first half of the year amid a wider downturn for crypto companies in the country. Meanwhile, South Korea has also banned prediction market Polymarket after concluding that its operations constitute illegal gambling.  

The Block reports that Bithumb recorded an operating profit of 14.9 billion won ($11 million), down 83% from last year’s profit of 90.1 billion won ($64 million).

Its operating revenue this year is 168.8 billion won ($120 million), down almost 49% from last year’s 329.2 billion won ($233 million).

It also suffered a net loss this year of 108.7 billion won ($77 million).

Crypto firms hit by poor global market

Upbit parent company Dunamu reported a similar drop in operating revenue. It made 408.1 billion won ($289 million) in the first half of this year, a drop of 49% from last year’s 801.9 billion won ($568 million).

Its operating profits were 111.5 billion won ($79 million), an almost 80% drop from 549.1 billion won ($389 million) last year.

… Continue reading the full article at the original source below.