An up-and-coming South Korean bank appears to be suffering from the crypto market’s volatility – and may have to shelve its initial public offering (IPO) plans if crypto winter continues.
Per ENews Today, K-Bank, the banking partner of the market-leading crypto exchange Upbit, is “experiencing difficulties.”
The report explained that the bank – which had hoped to follow its biggest rival Kakao Bank onto the stock market – has been hit with a double whammy of bad news.
The Upbit alliance brought a huge number of customers to the bank, buoying its market value and leading K-Bank to formulate ambitious IPO plans. Under South Korean law, all crypto exchange customers must hold a real name-verified bank account with the exchange’s partner bank, and conduct all their fiat-related transactions through this account.
With crypto investment skyrocketing across South Korea during the most recent bull market, thousands of new customers came to K-Bank – drawn mainly by the fact that K-Bank, as a...
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