As a crypto investor, I made the switch from NongHyup to Kookmin Bank as Bithumb’s new banking partner in March. This move was aimed at improving user experiences and expanding our market presence in the cryptocurrency space.
As a crypto investor, I’m excited about the recent announcement made by Bithumb, the second-largest cryptocurrency exchange in South Korea. Starting from March, they will be switching their real name deposit and withdrawal service partner from NH Nonghyup Bank to KB Kookmin Bank bilaterally. This move is part of their strategy to expand their market share and enhance their services, as stated by their spokesman.
Lately, Korea’s Financial Services Commission has granted permission for Bithumb to select a new partner bank under their Financial Intelligence Unit (FIU). This decision was made as the partnership between the exchange and NongHyup Bank will terminate on March 23. To avoid any interruptions in their services, Bithumb decided to make this change proactively.
Starting from March 24 at local time 11 a.m., investors looking to trade on Bithumb must first open accounts with Kookmin Bank and link them to the exchange. In order to trade virtual assets in Korean Won within Korea, users are required to establish real-name deposit and withdrawal accounts with a partner bank. The process of connecting Kookmin Bank accounts will be streamlined as pre-registration for this purpose begins at 9 a.m. on January 20. Bithumb will provide additional details and instructions in the near future.
Bithumb Shifts to Kookmin Bank in Effort to Enhance User Experience
Starting from 2018, Bithumb has been associated with NongHyup Bank. However, last year, the exchange initiated a search for a new banking partner to enhance its user services. Recently, Bithumb entered into a partnership with Kookmin Bank in an attempt to appeal to younger demographics and increase market dominance further. This shift is partly due to financial authorities loosening rules concerning corporate accounts. By working together, Kookmin Bank aims to assist Bithumb in its growth and help it compete more effectively against Upbit, South Korea’s largest exchange.
Currently, Bithumb trails slightly behind Upbit. However, the platform is actively devising strategies to bridge this gap. Moreover, we aim to increase our market presence and establish a corporate sales team. NongHyup Bank has commended the long-standing partnership with the company. Bithumb guarantees users that all necessary measures have been taken to maintain a stable service during this transition period.
Beyond switching banking partners, Bithumb has revealed plans to list on the US Nasdaq in 2025. This strategic step reflects the company’s ambition to expand its global reach. Notably, one of Bithumb’s most significant decisions to date involves severing ties with an outdated bank partnership and forming a new one. Simultaneously, these actions are intended to boost Bithumb’s future growth prospects.
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2025-01-16 17:45