Amidst the unprecedented growth of the crypto market, digital assets trading platforms in South Korea have recorded a significant surge in deposits and withdrawals.
Per data provided by the government officials, in the first quarter of this year, local banks processed as much as $57.8 billion of transactions on accounts linked to the exchanges.
The recent data was taken from some of the top crypto exchanges, including CoinOne, Upbit, Korbit, and Bithumb. Plus, the banking data was taken from K Bank, NH Bank, and Shinhan Bank – all these are among the major lenders in the South Korean financial market.
Also, the data also suggests that transactions on verified bank accounts surged more than 40 percent from $33 billion in the first quarter of last year. On the other hand, the surge in withdrawals and deposits has also led to more revenue generated from the trading platforms through fees.
Reportedly, an online bank K Bank recorded a revenue of $4.5 billion in fees from the South Korean Exchange Upbit in merely the first quarter of the ongoing year – a tenfold increase from last year’s $504,000.
Meanwhile, the NH Bank generated more than $300 million in fees from CoinOne, while also generating as much as one billion from another exchange Bithumb. Also, the data suggested that Shinhan bank made $131K in fees. Under the new laws, the regulators require the providers of virtual assets to demand verified bank accounts.