As Cryptocurrency Surges, Partner Bank Subscribers Increase... Will the 'Money Move' Accelerate?
[Asia Economy Reporter Song Seung-seop] Abundant liquidity in the market is moving towards cryptocurrency investments. The number of new subscribers at banks partnered with cryptocurrency exchanges is also rapidly increasing.
According to the financial sector on the 25th, the number of subscribers to the internet-only bank K Bank surpassed 1 million this month. K Bank is the partner bank of Upbit, a domestic cryptocurrency exchange. To purchase cryptocurrency through Upbit, one must open an account with K Bank.
The number of new subscribers is increasing by hundreds of thousands each month due to the cryptocurrency craze. New customers increased from 280,000 on January 1st to 630,000 in one month, and in March, it rose by another 170,000 to reach 800,000. The cumulative number of subscribers this year has reached approximately 2.7 million, exceeding the total cumulative subscribers of 1.57 million over the past three years.
In the case of Shinhan Bank, partnered with Korbit, new subscribers increased by 21,881 from 107,797 last month to 129,678. NH Nonghyup Bank, partnered with Bithumb and Coinone, also saw new deposit and withdrawal account subscribers rise by 33.69% (62,652) to 248,602 last month.
As a result, it is analyzed that the 'money move' phenomenon, where market funds are moving towards cryptocurrency investments, is accelerating. As of the 23rd, the deposit scale of the five major banks (KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup Bank) was 1,305.6258 trillion KRW, with 14.2558 trillion KRW withdrawn in one month.
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Domestic cryptocurrency trading volume has already surpassed the stock market. As of 5 p.m. on the 23rd, the trading volume of the four major domestic cryptocurrency trading sites (Bithumb, Upbit, Coinone, Korbit) was 28.4375 trillion KRW, about 13 trillion KRW more than the KOSPI trading volume of 15.3876 trillion KRW.
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