SEOUL, South Korea, Saturday, August 17, 2024- Bithumb has launched a new service allowing customers to open NongHyup (NH) Bank accounts via its mobile app and website, a move expected to significantly enhance user convenience.
Bithump is one of South Korea’s largest cryptocurrency exchanges.
The exchange announced on August 12 that customers can now open “real-name” bank accounts directly through Bithumb’s platform without needing to visit a bank branch in person.
This development is seen as a potential game-changer for the exchange, streamlining a previously cumbersome process.
South Korean law mandates that cryptocurrency exchanges use real-name verified wallet-linked accounts to offer fiat trading options.
Until now, Bithumb users had to either visit NH Bank branches or download separate banking apps to open accounts for trading purposes.
The new “Link KRW Account” feature enables users to complete this process entirely online, making it more accessible.
The move comes as Bithumb continues to compete with its primary rival, Upbit, which dominates over 80% of the domestic crypto trading market in South Korea.
Upbit’s market control grew during the coronavirus pandemic, bolstered by its partnership with the neobank K Bank, which facilitated non-face-to-face account opening solutions.
Bithumb has made several attempts to increase its market share, including temporarily eliminating commission fees on transactions, which briefly allowed it to surpass Upbit in trading volumes. However, the exchange has since reinstated those fees.
The exchange also faced regulatory scrutiny earlier this month, with South Korean authorities investigating a suspected attempt to manipulate the price of the altcoin AVAIL on Bithumb’s platform. Despite these challenges, Bithumb’s latest partnership with NH Bank could help it regain momentum in the competitive crypto market.
