South Korean Banks Have Started Partnering With Crypto Exchanges To Create A New Financial Ecosystem

South Korea’s banking industry is taking a more positive stance on working with crypto exchanges. This is evident in concrete moves such as Bithumb, one of the largest cryptocurrency exchanges in South Korea, entering into an agreement with KB Kookmin Bank for a real-name verification deposit and withdrawal account partnership, and NH Bank’s establishment of an account opening window in Bithumb Lounge.

The change in the domestic banking sector is likely due to the fact that banks have recognized the benefits of the crypto industry’s growth, such as attracting new customers and increasing deposits, especially among the younger generation of 2030, and the potential for expanding non-interest revenue.

These trends show that traditional financial institutions are seeking new positions amidst the digitalization and decentralization of finance. As a result, they can be interpreted as part of the process of breaking down the boundaries of financial services and creating new forms of financial ecosystems.

Read More: South Korea’s Financial Authority Mandates Defunct Crypto Exchanges To Purchase Insurance