[Twitter Press Release]
This is Bithumb.
On October 20th, the Korean National Assembly held a state affairs audit of 2017.
Lee Jung-Ah, the Vice President of Bithumb attended the meeting as reference for the Ministry of Strategy and Finance, and responded to the inquiries from a democratic congressman, Sim Ki-jun.
Check out what kind of questions and answers went on in the scene of state affairs audit right now!
Democrat, Sim Ki-jun: Is Bithumb the largest cryptocurrency exchange?
Vice President of Bithumb, Lee Jung-Ah: It is the largest cryptocurrency exchange here in South Korea, and globally speaking, we are in between the first and third.
Democrat, Sim Ki-jun: That is a humongous exchange, what is the daily trading volume?
Vice President of Bithumb, Lee Jung-Ah: Averaging from September, it would be about 700 Billion KRW.
Democrat, Sim Ki-jun: According to some press, the daily trading volume beat KOSDAQ’s daily trading volume by going up to 2.6 trillion KRW. Is it?
Vice President of Bithumb, Lee Jung-Ah: Starting from August 19th, 2017, 2.6 trillion KRW was traded and that was the day where our daily trading volume beat that of KOSDAQ’s. On average, about 700 billion KRW is traded daily.
Democrat, Sim Ki-jun: So, if you know your wallet address from the exchange, you could transfer of course here in South Korea but also in other countries as well?
Vice President of Bithumb, Lee Jung-Ah: Yes, exactly.
Democrat, Sim Ki-jun: Do you think that cryptocurrency could benefit our society, and what do you see for the future of cryptocurrencies?
Vice President of Bithumb, Lee Jung-Ah: Cryptocurrencies can transfer without borders, and it is a universal currency that naturally had to be universal so Bithumb was a company here in South Korea but was able to record 3rd in universal trading volumes. Also, Blockchain, which cryptocurrencies are based upon, is a technology which has the possibility to expand so I see a lot more prospects from that.
Industrially, considering our company Bithumb, we have seen more than 300 new employees since the beginning of this year, and on a monthly scale average, more than 20 trillion KRW is traded. Bithumb is an exchange-oriented company but a solution company using blockchain could come out, and there are more than a dozen domestic Korean companies and additional income that they will create and new jobs that they will provide will have a positive effect for the society.
Democrat, Sim Ki-jun: The structure that cryptocurrency exchanges use seems to be easily abused to crime because it could not prevent the donation and the outflow of foreign funds.
Vice President of Bithumb, Lee Jung-Ah: I think this is a problem that arises from the fact that the legal status of cryptocurrencies is not clear. Even in the case of our company Bithumb, it is necessary to be able to receive various information of the users to grasp the exact identity but as of now, the industry itself has not yet been grounded, so there are areas where obstacles emerge.
The state affairs audit was somewhat a heavy scene,
but it was a precious time where we could deliver the current information of cryptocurrency markets.