Bithumb to change account issuance partner bank from NongHyup to Kookmin

Bithumb To Change Account Issuance Partner Bank From Nonghyup To Kookmin

The prices of Bitcoin and other cryptocurrencies are displayed on a screen at the Bithumb Lounge in Gangnam District, southern Seoul, Jan. 7. Yonhap

The costs of Bitcoin and different cryptocurrencies are displayed on a display screen on the Bithumb Lounge in Gangnam District, southern Seoul, Jan. 7. Yonhap

By Jun Ji-hye

Bithumb, the second-largest cryptocurrency trade by buying and selling quantity in Korea, will change its real-name deposit and withdrawal service associate from NH NongHyup Financial institution to KB Kookmin Financial institution in March as a part of measures to develop its market share.

In accordance with business officers on Monday, the Monetary Intelligence Unit (FIU) below the Monetary Providers Fee, the nation’s monetary watchdog, not too long ago permitted Bithumb’s utility to pick a brand new associate financial institution.

The trade submitted such an utility to the FIU to forestall any service disruptions, as its partnership with NongHyup Financial institution is ready to finish on March 23.

Consequently, beginning March 24, buyers who want to commerce digital property on Bithumb might want to open accounts with Kookmin Financial institution and hyperlink their accounts with the trade.

Customers of cryptocurrency exchanges should open a real-name deposit and withdrawal account at a associate financial institution to commerce digital property in Korean received.

Bithumb has maintained a partnership with NongHyup since 2018, however has been working to alter its associate financial institution since final 12 months.

By a brand new partnership with Kookmin Financial institution, the trade goals to develop its market share by attracting a youthful buyer base.

Moreover, the monetary authorities’ transfer to step by step permit company accounts is one other key motive behind the change in its associate financial institution, based mostly on the idea that Kookmin Financial institution would offer a extra advantageous place in narrowing the hole with Upbit.

Presently ranked second after Upbit, Bithumb has been getting ready methods to aggressively function within the anticipated new market with the approval of company accounts via plans reminiscent of establishing a brand new company gross sales group.

In the meantime, different main banks are reportedly in behind-the-scenes discussions with cryptocurrency exchanges.

Among the many 4 main banks within the nation — Kookmin, Shinhan, Hana and Woori — solely Shinhan Financial institution at the moment has a partnership with one other cryptocurrency trade, Korbit.

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