The banking sector, which has maintained a conservative stance toward cryptocurrencies, is now showing an active attitude toward collaboration with cryptocurrency exchanges. This shift is attributed to the increase in cryptocurrency investors, the expansion of deposit volumes, and the benefits of attracting new customers.
Recently, it was reported that Bithumb, a cryptocurrency exchange, has agreed to a real-name deposit and withdrawal account partnership with KB Kookmin Bank and has submitted a change notification to the financial authorities. If approved, Bithumb will partner with KB Kookmin Bank instead of its current partner, NH Nonghyup Bank. This move is seen as a significant step for KB Kookmin Bank to re-enter the cryptocurrency market.
The collaboration between Bithumb and KB Kookmin Bank is expected to have a substantial impact on the cryptocurrency market share. Currently, Bithumb’s market share is around 23%, and this move is interpreted as part of a strategy to close the gap with Upbit, which holds a 70% market share. Industry insiders predict that if approved by financial authorities, Bithumb’s market share expansion will accelerate.
Meanwhile, NH Nonghyup Bank is also taking active steps to maintain its relationship with Bithumb. Recently, NH Nonghyup Bank has set up an account opening window at Bithumb Lounge in Gangnam, Seoul, supporting the opening of accounts for cryptocurrency transactions. This shows a significant shift in the bank’s stance on cryptocurrency trading compared to the past.
The partnership between KB Kookmin Bank and Bithumb is a critical event that could change the landscape of the cryptocurrency market, with the final approval from financial authorities being highly anticipated. Attention is focused on how the cooperation between banks and cryptocurrency exchanges will develop in the future.
