Kakao Bank, the biggest neobank in South Korea and an offshoot of the internet giant Kakao, has confirmed it has sealed a partnership deal that will see it provide real-name banking services for customers of the crypto exchange Coinone.
The deal finally puts an end to months of speculation surrounding the deal. It also sees a second neobank enter the space – following the success of its rival K-Bank’s own partnership with the Coinone rival Upbit.
K-Bank, which was created by the KT Corporation business empire, has seen account numbers balloon as a result of its Upbit deal, which requires all Upbit users to conduct their operations via a social security number-verified K-Bank account.
The neobank-crypto exchange partnership has been touted as a golden ticket for crypto firms and banks alike. With K-Bank, Upbit customers have been able to open accounts online, rather than having to visit brick-and-mortar bank branches, as has been the case with all four of Upbit’s biggest rival...
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