South Korean crypto exchanges are enjoying a global boom in virtual currencies, including bitcoin, as US President-elect Donald Trump is expected to follow through on his campaign promises to support digital assets.

The daily trading value of virtual assets on South Korean crypto exchanges tops that of domestic stocks, allowing operators of digital currency trading platforms not only to boost their profits and assets but also their employees’ salaries, industry sources said. It helps to earn more fees to increase.

As of 5:30 p.m. local time Wednesday, the transaction value of digital assets on Upbit, the country’s largest cryptocurrency exchange, stood at about 22 trillion won ($15.7 billion), according to crypto tracker CoinMarketCap.

That compared with 10.9 trillion won on South Korea’s benchmark Kospi and 6.9 trillion won on the junior Kosdaq that day.

More trading, more fees

Upbit, which dominates the domestic crypto exchange sector with a market share of 70%, collects 0.05% of transaction values ​​for regular orders and 0.139% for pre-orders in the South Korean won currency market, according to industry sources. is

Its smaller rival Bithumb, which earns a 0.04% fee for regular orders in the won currency market, implemented a trade value of 8.8 trillion won.

It emerged as a bitcoin-like crypto thanks to Trump’s pledge to create a friendly regulatory framework for digital currencies, establish a strategic bitcoin repository and make the US the global center of the industry. A one-time crypto skeptic, Trump changed course after spending heavily on the campaign trail to promote his interests in digital asset companies.

Bitcoin, the world’s most valuable crypto by market capitalization, hit another record high on Thursday, rising above $93,000 for the first time, drawing more South Korean investors into crypto markets, SEOUL. Industry sources said.

The digital asset has risen nearly 35% since Trump won the US presidential election on November 5.

Growing assets, salaries.

Such an increase is expected to boost the assets of South Korean crypto exchanges, which hold virtual currencies.

Dunamu Inc., the operator of Upbit, held 14,641 units of bitcoin at the end of the first half, along with altcoins including 9,089 units of second-most valuable Ethereum and 9.3 million units of No. 3 Tether.

Bithumb held 127 units of Bitcoin and 5,386 units of Ethereum.

Industry sources in Seoul said their crypto holdings could increase after that.

Sources said that employees of crypto exchanges are likely to enjoy higher salaries. Their wages are already higher than the big banks.

Dunamu paid 624 employees an average of 133.7 million won per staff in the first half, more than double the average of 60.5 million won for the big four local banks. Bithumb’s salaries during this period averaged 57 million won.

Write to Hanjong Choi at [email protected]

Jongwoo Cheon edited this article.