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Q3 Profit at South Korean Crypto Exchange Upbit's Parent Slides 73%
The firm was hit by a market decline and lower trading volume.
Net profit at Dunamu, the South Korean parent of crypto exchange Upbit, dropped 73% to 160 billion won ($120 million) in the third quarter from the year-earlier period, CoinDesk Korea reported Tuesday.
The fintech firm was hit by tumbling valuations that have seen the crypto market cap slump by two-thirds over the past year as well as by lower trading volume. And that's without any fallout from the collapse of crypto exchange FTX earlier this month, which occurred after the period closed. Upbit is the world's ninth-largest exchange by 24-hour trading volume, according to CoinGecko data.
STORY CONTINUES BELOW
"It seems that the continued decline in global liquidity and the overall contraction of the capital market have affected the performance," a Dunamu official said.
Read more: Robinhood’s Crypto Revenue Declined 12% to $51 Million in Q3
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Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
