Germany’s Bitcoin Group SE Crypto Exchange Posts Nearly $4 Million in Profit during 2018
The German crypto exchange Bitcoin Group SE has reported the earnings of the company for the first half of the year now. According to the company, its net profits increased more than 300% to about $3.86 million USD ($3.33 million EUR).
Bitcoin Group SE’s profit before was only $0.95 million USD and it was mostly increased due to more people trading. 86,000 new accounts were opened for people to buy and sell cryptos like BTC and BCH in the first six months of the year, which show the increase.
This is the only regulated digital currency exchange in Germany and it traded about $707 million worth of Bitcoin at the end of the last year when the prices peaked at $20,000 USD. However, profits have diminished after the bear market started.
Rapid Customer Growth and Expansion
The company grew a lot mostly because of the Bitcoin awareness. Investors were actively using the exchange more because Bitcoin became something well-known and they started to appear at a rate of at least 14,000 new users monthly to buy and sell cryptos. Despite the prices falling, many crypto exchanges grew a lot in 2018 because of the awareness. A lot of people started trading, despite the prices.
It is to compensate the issue with the prices, though, that many companies are now focused on expanding their bases and to consolidate their positions within the market. This way, they are able to minimize the risks that they face when the market is so uncertain as it is right now, especially as regulatory issues are still a reality in most countries.
While Coinbase is trying to get a brander user base by relaxing its listing requirements, Binance is on an expansion spree around the world entering in many countries. Bitcon Group SE, on the other hand, is focusing on having a user base of around one million users.