\n South Korea\u2019s second-biggest crypto exchange, Bithumb, changed its banking relationship from NH Bank to KB Kookmin Bank. Following this switch announced in December, more than 1.5 millionKB accounts were connected to Bithumb. “The benefits of collaborating with a prominent bank are becoming clear,” stated a spokesperson for Bithumb.\n<\/p>\n
\n According to present financial rules, the nation’s leading five exchanges may collaborate exclusively with a single bank. To engage in trading activities on a specific exchange, users are required to maintain an account with that exchange\u2019s chosen banking institution. As a result of this regulation, competition between banks has become more intense as they vie for agreements with these exchanges, aiming to enhance their profitability through the acquisition of cryptocurrency-associated assets.\n<\/p>\n
\n Bithumb collaborated with NH Bank over a period of approximately seven years, spanning from January 2018 up to March 23. Throughout this duration, NH Bank amassed roughly 1.7 trillion won in cryptocurrency-related deposits, utilizing these funds for multiple investments and loan activities, thereby producing substantial earnings.\n<\/p>\n
\n However, Bithumb opted to transition to KB Kookmin Bank back in December of last year. The intention behind this move from Bithumb was to expand its customer base through collaboration with a bigger banking partner, whereas KB sought to attract additional deposits.\n<\/p>\n
\n Following the announcement of their collaboration, KB’s demand deposits increased by more than 3 trillion won, rising from 151.5 trillion won at the close of December to 154.7 trillion won ($106 billion) as of March 21st. Furthermore, approximately 1.52 million KB accounts have been linked with Bithumb.\n<\/p>\n
\n Since June 2020, Upbit, the nation’s leading cryptocurrency exchange, has collaborated with K Bank, an online banking institution. Approximately one-fourth of K Bank\u2019s overall deposits, which amount to around 6.4 trillion won out of a total of 27.62 trillion won, come from funds associated with Upbit. The number of customers at K Bank increased dramatically from 2.19 million in June 2020 to 13.39 million recently, including about 6 million accounts connected specifically to Upbit operations.\n<\/p>\n
\n Shinhan Bank has formed a partnership with Korbit, which ranks as the fourth-largest exchange, whereas Kakao Bank is associated with Coinone, ranking as the third-largest exchange.\n<\/p>\n
\n As Upbit\u2019s agreement with K Bank approaches expiration in October, financial institutions are eagerly observing the company\u2019s subsequent actions. When Bithumb changed partners, it led to significant fund movements and account shifts. Consequently, banks anticipate intense rivalry to secure Upbit as their client.\n<\/p>\n
\n K Bank continues to be confident about maintaining the partnership. “We have had a lengthy and fruitful relationship with Upbit, and we anticipate this will persist,” stated an official from K Bank.\n<\/p>\n
\n According to reports, Woori Bank and Hana Bank are considering possible collaborations with Upbit. “Although Woori Bank has not previously engaged with cryptocurrency exchanges, the recent allowance of corporate crypto investments has prompted them to seek a partnership with Upbit,” stated an industry source. Likewise, Hana Bank launched their real-name verification service called Hana Certificate on Upbit back in October, indicating their desire to establish connections. A representative from the bank mentioned, “We have incorporated Hana Certificate as part of our interest in forming a relationship with a cryptocurrency exchange.”\n<\/p>\n
\n Banks are hastening to establish such collaborations due to their perception of cryptocurrency exchanges as a vital source of inexpensive daily deposits in the approaching era of lower interest rates. A banking representative noted, “The typical daily trade volume on local crypto exchanges is close to 4 trillion won.” They added, “This represents an almost cost-free means of financing that banks can utilize for loans to earn additional interest revenue.”<\/p>","protected":false},"excerpt":{"rendered":"
South Korea\u2019s second-biggest crypto exchange, Bithumb, changed its banking relationship from NH Bank to KB Kookmin Bank. Following this switch announced in December, more than 1.5 millionKB accounts were connected to Bithumb. “The benefits of collaborating with a prominent bank are becoming clear,” stated a spokesperson for Bithumb. According to present financial rules, the nation’s […]<\/p>\n","protected":false},"author":1,"featured_media":2371,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[285,283,626,439,392],"tags":[],"class_list":["post-1561","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-business","category-cryptocurrency","category-financial-services","category-korean"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/sanggraloka.com\/wp-content\/uploads\/2025\/03\/AA1BAmej-2.jpg","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/sanggraloka.com\/id\/wp-json\/wp\/v2\/posts\/1561","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sanggraloka.com\/id\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sanggraloka.com\/id\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sanggraloka.com\/id\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sanggraloka.com\/id\/wp-json\/wp\/v2\/comments?post=1561"}],"version-history":[{"count":0,"href":"https:\/\/sanggraloka.com\/id\/wp-json\/wp\/v2\/posts\/1561\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sanggraloka.com\/id\/wp-json\/wp\/v2\/media\/2371"}],"wp:attachment":[{"href":"https:\/\/sanggraloka.com\/id\/wp-json\/wp\/v2\/media?parent=1561"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sanggraloka.com\/id\/wp-json\/wp\/v2\/categories?post=1561"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sanggraloka.com\/id\/wp-json\/wp\/v2\/tags?post=1561"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}