During the last year, cryptocurrency exchanges registered incredible profits after the bull run that virtual currencies had the last quarter of 2017. According to what Bloomberg estimates, the top ten cryptocurrency exchanges are generating over $3 million dollars per day in profits.
Cryptocurrency Exchanges an Industry Worth Billions
Virtual currency exchanges generate their profits by charging fees for users that sell, buy and withdraw virtual currencies. These fees are used to improve the platform, pay employees and keep the exchange running. In a study made by HowMuch, we can see how much are cryptocurrency exchanges generating on a daily basis:
The most important trading platforms with the highest revenue per day are Binnace, Upbit and Huobi.
Binance has a daily income of $3.48 million dollars with 38% of its users coming from the United States. The crypto exchange is currently the second most important in the world by trading volume, managing $1.22 billion dollars in the last 24 hours, something impressive.
The second most profitable crypto exchange is Upbit, with 95% of its users from South Korea. The platform registers $3.42 million dollars per day in revenue, and it is currently the 7th most important exchange in the world by trading volume ($274 million dollars in the last 24 hours).
In the third position we have Huobi, that has 40% of its traders from China. It registers $2.29 million dollars’ revenue every single day. At the time of writing, Huobi is in the top 3 cryptocurrency exchanges with the highest trading volume handling more than $1 billion dollars.
Most of these exchanges have some particularities. There is an important number of traders from Asia. China, South Korea and Japan. Of course there is also an important presence of the United States as well and there is no information about other countries or regions like the European Union as a whole.
Binance is located in Tokyo, but is trying to expand to Malta and operate form there. The European island is now offering a very clear regulatory framework and has been very welcoming with these companies. OKEx is located in Hong Kong, Bitfinex in Hong Kong, Huobi in Singapore, and Upbit and Bithumb in South Korea.
Asians are very active in the cryptocurrency market. Indeed, Japan is the country that trades virtual currencies the most, followed by the United States and then South Korea. The European Unions is usually between the third and fourth position.