Crypto Transaction Fees Increased Revenue of South Korean Bank in Q2
- Three South Korean banks made a partnership with 4 crypto exchanges.
- The partnership was made to search real-name user accounts.
- South Korean market faced a fivefold increase in user accounts.
Three South Korean banks, Shinban Bank, K bank, and NH Nonghyup Bank have made a partnership with top crypto exchanges, apparently realized $14.71 million in transaction fees in the second quarter (Q2) of 2021. Thus the revenue of the South Korean bank increased by the crypto transaction fees.
Accordingly, three south Korean banks announced an overall revenue of 16.9 billion South Korean won in Q2, reported by the Korea Herald. Shinhan Bank, K Bank, and NH Nonghyup Bank, partnered with South Korea’s top exchanges Upbit, Bithumb, Coinone, and Korbit. They teamed up with the banks to search real-name user accounts.
More so, the second-quarter performance has exceeded the performance on first-quarter roughly $6.8 million marks. More than doubling transactions despite ongoing market fluctuation.
According to the data, K bank’s partnership with Upbit resulted in the biggest share of $10.4 million. Nearly 71% of the total revenue. Comparatively, in Q1, the bank made 5.2 billion won through the collaboration.
More so, NH Nonghyup’s partnered with two crypto exchanges such as Bithumb and Coinone. But this was not a more successful collaboration with K bank. With Bithumb, the bank recorded earnings of nearly $2.6 million (3.1B won) in Q2. While Coinone contributed $1.5 million (1.78B won) throughout the financial year.
And the third bank Shihan Bank collaborated with Korbit exchange, recorded the lowest earnings of roughly $0.3 million in the last quarter.
Of note, Chang-Hyun emphasized that the South Korean market faced a fivefold increase in the number of users accounts this year alone. He also noted,
“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”.
