South Korean banks’ partnerships with four crypto exchanges brought Shinban Bank, K Bank, and NH Nonghyup Bank a total revenue of 16.9 billion.
In the second quarter of 2021, three South Korean banks with cryptocurrency exchange partnerships are said to have made $14.71 million in transaction fees.
The Korea Herald reports that Shinban Bank, K Bank, and NH Nonghyup Bank made a combined revenue of 16.9 billion South Korean won in the second quarter.
Upbit, Bithumb, Coinone, and Korbit, South Korea’s “big four” crypto exchanges, have teamed up with banks to track down users’ real-name accounts.
According to Yun Chang-data, hyun’s the second quarter’s performance surpassed the first quarter’s $6.8 million (7 billion won) level, more than doubling transactions despite market volatility.
According to the data, K bank’s relationship with Upbit generated the most revenue, accounting for $10.4 million (12 billion won), or over 71% of total revenue. The cryptocurrency exchange agreement netted the bank 5.2 billion won in the first quarter.
The revenue generated by NH Nonghyup’s two-way collaboration with Bithumb and Coinone was not as stunning as the revenue generated by K bank. In the second quarter, Bithumb earned $2.6 million (3.1 billion won), while Coinone contributed $1.5 million (1.78 billion won) over the course of the year.
In the most recent quarter, the Shinhan Bank–Korbit cooperation had the lowest earnings, coming in at over $0.3 million.
“Compared to the beginning of the year, the balance of deposits has quadrupled, and the coin craze has not yet ended, with Bitcoin prices recently surging again.” Chang-hyun said.
South Korean regulators recently issued a warning to crypto exchanges, requiring them to register voluntarily with local authorities by September 24. All crypto exchanges that use the Korean language, use the Korean won, or serve the Korean market have been issued with a warning.
Failure to comply might result in a five-year prison sentence or a $43,500 fine (50 million won).
