The two dominant players in Korea’s digital asset market, Upbit and Bithumb, are escalating their marketing campaigns as competition for market share intensifies. Upbit has long maintained a commanding lead, but Bithumb has been rapidly closing the gap through aggressive promotions and listing strategies.
In fact, the market share difference between the two, which exceeded 50 percentage points early this year, has recently narrowed to around 25 points. Bithumb has at times captured more than 40% of the KRW trading market, effectively creating a “two-strong” structure. A key driver behind this shift is the sharp increase in Bithumb’s marketing spending. In 2024 alone, the exchange invested about 192.2 billion won in marketing and promotions—more than a tenfold jump from the previous year. This year, Bithumb has continued its offensive with new customer events, trading fee coupons, and brand model changes to accelerate user acquisition.
Upbit has also increased its marketing budget, but its approach is more measured, focusing on trust and stability rather than bold expenditure. By emphasizing infrastructure, liquidity, and security, it seeks to reinforce its image as the “reliable No.1 exchange.” Still, Bithumb’s strategy of rapidly listing tokens not available on Upbit and offering differentiated products has attracted younger investors, adding competitive pressure.
While Bithumb’s pursuit has been evident in trading volume and market share, surveys on brand awareness and favorability still place Upbit ahead. Analysts note that Bithumb’s marketing push is likely to deliver short-term results, but rising costs could weigh on profitability in the longer term. In fact, soaring selling and administrative expenses are already showing signs of straining its operating margins.
Going forward, the competition between the two exchanges is expected to shift beyond advertising budgets toward service differentiation and regulatory responsiveness. Enhancing user experience, launching new financial products, expanding into stablecoins, and building global connectivity may prove decisive. Moreover, with stricter anti-money laundering (AML) rules and the implementation of the Digital Asset Basic Act on the horizon, compliance and reliability will become critical factors in determining the ultimate winner.
The battle for dominance between Upbit and Bithumb is no longer just a fight for market share—it has become a testing ground for the qualitative growth of Korea’s digital asset industry as a whole.1qjs
