Catenaa, Saturday, February 22, 2025 – South Korean banks are ramping up efforts to strike partnerships with the nation’s top cryptocurrency exchanges as regulators prepare to allow firms to invest in digital assets, a move expected to fuel significant market growth.
According to local media reports, banks are closely monitoring Upbit, South Korea’s largest crypto exchange, as its contract with K Bank nears expiration in October. Major financial institutions, including KEB Hana Bank and Woori Bank, are reportedly exploring potential deals with exchanges to tap into the expanding market.
The renewed interest in crypto partnerships follows reports that South Korean regulators will soon permit companies to hold Bitcoin and other digital assets on their balance sheets. Analysts predict this regulatory shift will inject liquidity into the market and attract institutional investors.
Bithumb, Upbit’s main competitor, recently terminated its partnership with Nonghyup Bank and inked a new deal with Kookmin Bank, South Korea’s largest lender.
Meanwhile, Coinone maintains a partnership with Kakao Bank, and Korbit collaborates with Shinhan Bank, further reflecting the evolving stance of traditional financial institutions.
The South Korean crypto market has experienced rapid expansion, with billions in trading volume recorded in recent months. As competition for partnerships intensifies, banks are expected to play a more active role in shaping the country’s digital asset ecosystem.
