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Crypto Exchange Upbit Operator Sees 47% Decline in Q1 Revenue


Cryptocurrency exchanges at the moment are dealing with the wrath of declining market sentiment. Dunamu, the operator of the South Korean crypto change Upbit, reported the primary quarter of 2022’s working revenue at 287.8 billion received ($232.75 million), which was a yearly decline of 46.9 %.

Based on a report by The Korea Occasions, the gross sales of the corporate dropped by 28.6 % over three months.

“Our gross sales and income fall is attributable to tightening international  liquidity  circumstances, and digital asset value falls,” a Dunamu spokesperson stated.

Dunamu generates most of its income from charging commissions for executing cryptocurrency trades. The corporate witnessed an enormous bounce in its efficiency final yr when the cryptocurrency market was at its peak and retail demand exploded.

Bearish Crypto Market

Nevertheless, the autumn in gross sales and income was anticipated, given the declining cryptocurrency costs. Bitcoin, which is the most important cryptocurrency by market cap, just lately ebbed under $27,700 apiece earlier than recovering above $37,000.

Additional, the collapse of the algorithmic  stablecoin  undertaking, Terra pressed the market in the direction of a decline. All these elements are signaling a crucial second quarter for Dunamu and different cryptocurrency exchanges with skeptical earnings.

In the meantime, Dunamu is now targeted on the international expansion that will diversify its income sources. It has already entered the US market with a partnership with the South Korean music label, HYBE. The 2 corporations shaped a three way partnership to supply providers round non-fungible tokens (NFTs).

Many of the cryptocurrency exchanges are personal corporations. Whereas Dunamu was clear with its income and earnings, the financials of a lot of the different main crypto buying and selling venues will not be identified to the general public.

Moreover, Coinbase, which is a serious crypto change and is listed on an American inventory change, reported a 27 % plunge in its Q1 income, which was principally as a consequence of a major drop in buying and selling quantity.

Cryptocurrency exchanges at the moment are dealing with the wrath of declining market sentiment. Dunamu, the operator of the South Korean crypto change Upbit, reported the primary quarter of 2022’s working revenue at 287.8 billion received ($232.75 million), which was a yearly decline of 46.9 %.

Based on a report by The Korea Occasions, the gross sales of the corporate dropped by 28.6 % over three months.

“Our gross sales and income fall is attributable to tightening international  liquidity  circumstances, and digital asset value falls,” a Dunamu spokesperson stated.

Dunamu generates most of its income from charging commissions for executing cryptocurrency trades. The corporate witnessed an enormous bounce in its efficiency final yr when the cryptocurrency market was at its peak and retail demand exploded.

Bearish Crypto Market

Nevertheless, the autumn in gross sales and income was anticipated, given the declining cryptocurrency costs. Bitcoin, which is the most important cryptocurrency by market cap, just lately ebbed under $27,700 apiece earlier than recovering above $37,000.

Additional, the collapse of the algorithmic  stablecoin  undertaking, Terra pressed the market in the direction of a decline. All these elements are signaling a crucial second quarter for Dunamu and different cryptocurrency exchanges with skeptical earnings.

In the meantime, Dunamu is now targeted on the international expansion that will diversify its income sources. It has already entered the US market with a partnership with the South Korean music label, HYBE. The 2 corporations shaped a three way partnership to supply providers round non-fungible tokens (NFTs).

Many of the cryptocurrency exchanges are personal corporations. Whereas Dunamu was clear with its income and earnings, the financials of a lot of the different main crypto buying and selling venues will not be identified to the general public.

Moreover, Coinbase, which is a serious crypto change and is listed on an American inventory change, reported a 27 % plunge in its Q1 income, which was principally as a consequence of a major drop in buying and selling quantity.



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