German digital currency exchange Bitcoin Group SE reported on Friday a first-half net profit increase of more than 300% to €3.32 million (~$3.85 million USD). The company added 86,000 new accounts of people buying and selling cryptocurrency like bitcoin and bitcoin cash in the first six months of 2018.
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Bitcoin Group SE Profits Rise 300% on Increased Customer Traffic
Bitcoin Group SE today reported its net profit soared 306% to $3.85 million in the first half of the year as more people bought and sold cryptocurrency through the German exchange. A year earlier, profit was at $0.95 million.
For the first six months of 2018, Bitcoin Group SE said sales revenues tripled to $6.57 million from $2.1 million in the comparable period a year ago. Operating profit climbed 368% to $5.64 million.
German’s only regulated digital currency exchange said about $707.6 million worth of bitcoin was traded on the platform at the end of last year, when the price of BTC peaked at $20,000.
But volume “flattened out…due to profit taking”, the company said, and also because of the free-fall in the price of bitcoin during the review period. Bitcoin plummeted about 52% during the first half of this year, falling from $12,968 on January 1 to $6,251 by the end of June.
Rapid Customer Growth
Bitcoin’s astronomical rise at the end of 2017, coupled with increased mainstream media headlines, have brought public attention to a currency that’s predominantly transacted on smartphones, laptops or desktop computers.
Bitcoin Group SE said it added 14,300 new users on its platform every month, bringing a total of 86,000 new accounts for the half-year. Around 753,000 investors are now actively using the
