South Korean KakaoBank Is Planning to Offer Bitcoin and Crypto Services

Vignesh Karunanidhi
South Korean KakaoBank Is Planning to Offer Bitcoin and Crypto Services
Source: Nikkei Asia

South Korean Bank, KakaoBank, is exploring the world of digital assets by partnering up with crypto exchanges.

The bank has foreseen the growing crypto industry and decided to expand its customer services by providing crypto services. The announcement was made by the KakaoBank, which is in discussions with the cryptocurrency exchange called Coinone.

Source: Korea Economic Daily

KakaoBank CEO plans to offer crypto services

The vision of the bank to provide additional services was discussed by the CEO, Yoon Ho-young, in a conference call where he was discussing the first-quarter business results of 2022.

Yoon spoke at the conference that he plans to offer crypto services to the customers. He also shared additional plans for entering the market with crypto loans. KakaoBank is also planning to form a partnership with cryptocurrency exchanges to expand the customer base.

Since KakaoBank recently entered the financial market and is also looking for possible ways to expand.

“We are looking at services related to virtual asset exchanges in a positive way.” “As [crypto] is considered a major asset amongst customers, we are reviewing how we can provide virtual assets in services or in the form of a business in a favorable light.”

Yun Ho-young, CEO of KakaoBank

To further implement its plans, the bank is planning to collaborate with different firms and exchanges. The crypto exchanges need to follow up with local regulations to abide by the anti-money laundering frameworks. The exchanges also have to form partnerships with banks to provide deposit, withdrawal, and cash to crypto services.

The main competition of KakoBank is K-bank. K-bank has already established a secure customer base with its partnership with Upbit. It is also reported that the collaboration with Coinone will help the bank implement real-name verification deposits and withdrawal accounts. The bank has yet to speak and confirm the partnership.