Research | Why UPbit was the only Korean crypto exchange to record a profit [$120m] in 2018
Every other major Korean exchange recorded a substantial net loss
![Why UPbit was the only Korean crypto exchange to record a profit [$120m] in 2018](https://substackcdn.com/image/fetch/$s_!B5m-!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fff63a5a4-4769-474d-bedf-b9b05669f8cf_824x298.jpeg "Why UPbit was the only Korean crypto exchange to record a profit [$120m] in 2018")
by Joseph Young – @iamjosephyoung • 5 minute read
UPbit, the largest crypto exchange in South Korea, was the only exchange to record a profit in 2018. UPbit is operated by Dunamu, a company heavily invested in by Kakao—one of the most influential internet conglomerates in South Korea.
Every other major exchange recorded a substantial net loss, primarily d…