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Facebook, in its first earnings report after touching off widespread data-privacy concerns, posted soaring revenue and profit that highlighted the company’s central place in the digital economy.
WSJ.com: US Business
According to local reports, the South Korean exchange Bithumb has released the firm’s 2017 revenue and the exchange made 171 times more than the previous year.
Bithumb’s revenue has increased 171-fold
One of South Korea’s largest digital asset trading platforms has seen an increase in revenue that not many firms in the country doing business have ever surpassed. The columnist Yoon Hyung Joong details that Bithumb’s revenue has increased 171-fold compared to the previous year. The company’s earnings report was released due to the fact Bithumb is a subsidiary of a publicly traded company called BTCKorea.
BTCKorea’s audit report published on March 20 on South Korea’s Financial Supervisory Service website shows that the firm’s sales added up to ₩333.4Bn KRW ($ 312Mn USD) and a net income of ₩427Bn KRW ($ 400Mn USD) in 2017. It’s unusual for a traditional Korean company to have a net income that is higher but may indicate the company held its cryptocurrency income rather than selling it for won. Bithumb’s standard charge for all trading fees is 0.15 percent which could accumulate a lot of revenue.
The company details the extra $ 90 million USD worth of revenue stemmed from “non-operating income.” A Bithumb representative explained to the reporter Yoon Hyung Joong that a more detailed explanation of the firm’s balance sheet would be published soon.
“It is difficult to give a concrete explanation as a financial statement before it is finalized at the shareholders’ meeting held on March 30,” Bithumb detailed at the time. “We will give a detailed explanation after publishing the financial statements in mid-April.”
Exchanges like Bithumb saw some extreme cryptocurrency volumes in Korean won throughout 2017. Moreover, a few times last year the won took the second position in global trade volumes. The won still remains a top-five competitor among fiat currencies worldwide and the cryptocurrency exchange Bithumb has traded $ 178,122,945 USD worth of cryptocurrencies in the last 24 hours. The top five cryptocurrencies traded with the won on Bithumb today is BTC, EOS, XRP, ETH, and ICX.
What do you think about the South Korean exchange Bithumb revenue increasing 171x? Let us know what you think about this subject in the comments below.
Images via Pixabay, and Bithumb.
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The post Bithumb’s Revenue Last Year Jumps 171-Fold Compared to 2016 appeared first on Bitcoin News.
Vice Media is facing uncertainty in its executive ranks at a pivotal moment, as the digital media company tries to rebound from a substantial revenue miss last year and fend off shareholders pressing for an exit.
WSJ.com: US Business
Snap’s stock surged more than 25% after the company reignited revenue and user growth for the first time as a publicly traded firm, a promising sign that may reflect progress in persuading advertisers its Snapchat app is a viable alternative to Facebook and Google.
WSJ.com: US Business
Apple is scheduled to report results for its fiscal first quarter, which ended Dec. 30, after the market closes Thursday.
WSJ.com: US Business
This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.
A platform created for those looking to buy or sell various goods and services using tokens is announcing a new income opportunity. The international e-commerce platform FLOGmall is launching a revolution in the world of investment: it is ready to share revenue with token holders starting on the platform’s first day of operations. It would be as if Ebay, Amazon, or Alibaba shared profits with average people just because users are buying and selling goods and services on their platforms.
The project team has invented a specialized automatic token exchange service (ATES) for converting to other cryptocurrencies. Now anyone who wants to can monetize their investment immediately after the ICO phase is complete.
How Does It Work?
When buying FLOGmall tokens at the pre-ICO or ICO phase, users who want to become token holders receive a significant discount on acquiring them. Once the primary ICO has concluded, the platform will initiate the monetization process by providing additional services and functionality. The platform will make sure that the token exchange rate in the ATES will be higher than the rate during the pre-ICO and ICO.
Token holders will gain access to the ATES after the platform launches. They can use the ATES to exchange the tokens they received during the ICO phases both with sellers and other users of the platform’s services. In this way FLOGmall will share the platform’s revenue with token holders from day one. Token holders can also sell their tokens to any user who sees a potential for token growth as a result of the token being issued on the exchanges in the near future.
Practically all revenue received goes toward discounts to token holders.
The way FLOGmall hedges is that by artificially creating and maintaining a minimum official exchange rate for the token at 0.001 Ethereum creates a minimum nominal capitalization for the tokens and maintains the exchange rate at that level. In turn, this creates certainty that tokens can be sold near this value for an indefinite period (even if this token is not heavily traded).
If you are thinking in the long-term as a professional seller and view FLOGmall as a trading platform, then consider that by becoming a token holder during the pre-ICO and ICO, you receive a discount of up to 80% on the platform’s services after its launch.
If you are planning to use FLOGmall as a typical buyer, then by becoming a token holder during the pre-ICO and ICO you get the opportunity to exchange tokens for goods at an 80% discount.
Earning 300% a Possibility
Furthermore, the Mallcoin sale price is pegged to Ethereum and will change from one sale phase to the next. This means that as the Ethereum exchange rate rises, so does the Mallcoin exchange rate, and vice versa. For the convenience of ICO participants, the approximate USD value of Mallcoin will be displayed, automatically recalculated based on the current value of Ethereum as of the current date.
Potential income of 300% is achieved by acquiring Mallcoin (MLC) at the pre-ICO phase.
Potential income of 200% is achieved by acquiring Mallcoin (MLC) at the ICO phase, when the lion’s share of the tokens will be sold.
It is important to note that Mallcoin tokens will not be additionally issued in the future. Any tokens that are not sold will be destroyed.
About the Project
FLOGmall is a service without any real analogues. Stores will be displayed on FLOGmall in a new, unique format called LiveStore. The “live store” is a combination of blog and video content about sellers, stores, goods, and services.
This unique option allows sellers to make a video presentation for their store, personally address their target audience, publish video overviews for each product or service, as well as maintain a videoblog about important events or sales at the store, tripling online sales of goods through streaming.
When working with FLOGmall, sellers will no longer have a need for expensive marketing. FLOGmall makes it easy for them to create their own marketing campaigns to directly attract buyers.
Meanwhile, buyers will have the opportunity to purchase mass-market goods for cryptocurrency. Various electronics, appliances, clothing, and other day-to-day items will now be available to token holders.
New directions for services include real estate (renting, sales), digital marketing, financial services, etc.
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
The post PR: FLOGmall Ready to Share Revenue with Investors appeared first on Bitcoin News.
Chinese billionaire Wang Jianlin’s flagship company reported a decline in revenue for a second straight year as it retreated from its ambitious expansion into entertainment and overseas property.
WSJ.com: US Business
Facebook shares were down more than 4% early Friday to $ 180.10 after the social network announced it was making major changes to its signature News Feed.
Facebook said it would begin prioritizing posts from users’ friends and families that spark the most interaction over posts from brands and publishers.
Once celebrities began endorsing ICOs, many were quick to claim that this was the top; the mania had reached its peak and the token bubble was about to pop. And when the SEC filed charges against several dubious projects, forcing others to return funds to investors, this assessment appeared to be accurate. Despite the mid-summer mania having dissipated, however, the number of ICOs in the works is higher than ever.
Reports of the ICO’s Demise Have Been Greatly Exaggerated
In the first nine months of the year, over $ 3 billion was raised in ICOs, almost $ 600 million of which came from Tezos, Filecoin, and Bancor. Despite most of the high-profile ICOs occurring in Q1 and Q2, October was actually the most lucrative month to date, pulling in $ 828 million. November, in comparison, could only muster $ 682 million.
It feels like 2017 was chockablock with ICOs, but the mania didn’t truly kick in until April. Tokendata reports that just $ 21 million was raised via ICOs in the first three months of the year before hitting $ 103 million in April and then almost doubling in May. In the year to date, over $ 4 billion has been raised, and there is a likelihood that the symbolic $ 5 billion threshold will be passed by 2018.
The Stats Don’t Lie
The success of each token project has little to do with hitting its hard cap; focusing on the money misses the bigger picture. From an investment perspective, the relative returns of each project, both in dollar and cryptocurrency terms, is naturally of interest though. Some of this year’s biggest ICOs, such as Filecoin, have yet to issue their tokens, while many more are still in the early development stage. As a result, it will be well into 2018 before this year’s reported success stories can be properly assessed.
While the revenue raised from ICOs dropped sharply in November, the number of crowdsales completed actually rose. Be it due to increased competition or weariness for all things “blockchain”, startups are having to settle for a smaller share of the spoils. One report states that in June, only one ICO failed to reach at least 75% of its fundraising target. But over the course of the next three months, 59% of ICOs fell short of that target.
Having delivered an average return of 13.2x this year, ICOs remain attractive to investors and startups alike. ICO Alert lists hundreds of token sales that are imminent or underway, and there is no sign of respite in the first quarter of next year. Analysts seem confident that ICO fever has some way to run yet.
Alexey Scherbin, Global CEO of crowdfunding consultancy ICO Producer, told news.Bitcoin.com:
The number of ICOs is growing faster than investment can flow into crypto assets, making it harder for investors to identify good projects. Due to the sheer number of ICOs, it’s harder for the projects that have real merit to attract investment without spending a lot of money on marketing.
He added: “We expect many of the problems affecting the ICO market to ease in 2018. Regulation in major countries may reduce the overall number of ICOs but will increase their quality, and they will remain an extremely popular way of attracting investment.”
This sentiment was echoed by Overstock CEO Patrick Byrne, who told CNN: “I’m actually quite supportive of the SEC cracking down. The ICO craze this year has led to a lot of people being fleeced. There’s been a lot of people bringing coins public with no business plan.”
Only this week, it emerged that Centra is facing a class action lawsuit, standing accused of violating securities law in its ICO.
Only Bitcoin Can Skewer the ICO Bubble
The greatest threat to ICOs comes not from the SEC or a “decentralized” weary public, arguably, but from within. Evidence suggests that November’s sharp drop-off in crowdsale revenue is due to bitcoin’s breakout. The cryptocurrency has been in bullish form all year, but since November has gone parabolic, leaving altcoins and everything else in its wake.
Having seen funds tied up for months in Tezos’ ongoing legal dispute, investors seem cautious of committing to token sales when there are possibly better returns to be made simply by hodling bitcoin. Once the tearaway cryptocurrency stabilizes, ICO investments are likely to rise.
Despite bitcoin’s astonishing rally in Q4, token sales have still proven lucrative. Hybrid blockchain platform Dragonchain, for example, concluded its ICO in early November, raising $ 13 million and issuing DRGN tokens at around 6 cents each. The value of those tokens has since increased 25x, dwarfing even bitcoin’s impressive end-of-year run, despite having yet to be listed on a major exchange. With companies as diverse as Overstock, Breadwallet, and Openbazaar all launching their own token sales, it seems there’s plenty of life yet in the ICO.
For entrepreneurs desperate to get on the ICO bandwagon but struggling to come up with that one killer idea, help is now at hand. Yet Another ICO is a website that generates suggestions for decentralized projects. Under the tagline “Let’s make tokens useless again”, it conjures such ideas as the “First distributed influencer marketing platform for virtual reality”. As Poe’s law holds, there’s a fine line between sincerity and parody, and many of its proposals don’t sound so outlandish.
Despite being mocked, memed, and regulated hard, ICO fever remains high. Expect more of the same in 2018.
Do you think we’ve hit peak ICO or will crowd sales continue to break records in 2018? Let us know in the comments section below.
Images courtesy of Shutterstock, Coinmarketcap and Tokendata.
Detroit auto makers reported mixed sales results for November, with GM and Fiat Chrysler reporting declines while Ford gained ground amid strong demand for pickup trucks and SUVs.
WSJ.com: US Business