{"id":7585,"date":"2021-08-10T13:51:51","date_gmt":"2021-08-10T12:51:51","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=7585"},"modified":"2021-08-10T13:52:00","modified_gmt":"2021-08-10T12:52:00","slug":"south-korean-banks-increased-transaction-fee-revenue-in-q2","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/south-korean-banks-increased-transaction-fee-revenue-in-q2\/","title":{"rendered":"South Korean banks increased transaction fee revenue in Q2"},"content":{"rendered":"\n
South Korean banks' partnerships with four crypto <\/a>exchanges brought Shinban Bank, K Bank, and NH Nonghyup Bank a total revenue of 16.9 billion.<\/h5>\n\n\n\n
\"South<\/figure>\n\n\n\n

In the second quarter of 2021, three South Korean banks with cryptocurrency exchange partnerships \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>are said to have made $14.71 million in transaction fees.<\/p>\n\n\n\n

The Korea Herald <\/a>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.<\/p>\n\n\n\n

Upbit, Bithumb, Coinone, and Korbit, South Korea's “big four” crypto <\/a>exchanges, have teamed up with banks to track down users' real-name accounts.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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 <\/a>exchange agreement netted the bank 5.2 billion won in the first quarter.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

In the most recent quarter, the Shinhan Bank<\/a>\u2013Korbit cooperation had the lowest earnings, coming in at over $0.3 million.<\/p>\n\n\n\n

\u201cCompared 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.\u201d Chang-hyun said.<\/p>\n\n\n\n

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 <\/a>won, or serve the Korean market have been issued with a warning.<\/p>\n\n\n\n

Failure to comply might result in a five-year prison sentence or a $43,500 fine (50 million won).<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":13,"featured_media":7587,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[132,2091,2092],"class_list":["post-7585","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-south-korean-banks","tag-upbit"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/08\/image-106.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/7585","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=7585"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/7585\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/7587"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=7585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=7585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=7585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}