South Korean Banks Report 100% Increase in Crypto Transaction Fees in Q2

Despite fluctuations in the global cryptocurrency market, South Korean banks report a staggering increase in transaction fees.

second quarter of 2021 was important for South Korean banks in terms of commissions for cryptocurrency transactions. According to a local report by Korean Herald, three banks that have existing partnerships with cryptocurrency exchanges earned roughly $ 14.71 million from cryptocurrency transaction fees alone in the second quarter. figure crushes the total of $ 6 million from the previous quarter. All three banks, K Bank, NH Nonghyup Bank, and Shinhan Bank, provide real-name accounts for cryptocurrency exchanges Upbit, Bithumb, Coinone, and Korbit.

quoted figures were obtained from the Representative of the People’s Power Party, Yun Chang-hyun, and represent a large increase after reporting around $ 6 million in the first quarter. This, despite the fall in the price of Bitcoin from April to the end of June, the report adds.

Income from bank commissions on the rise

When it was split bank by bank, Bank K led with roughly $ 10.41 million in fees thanks to its partnership with South Korean exchange Upbit. Bank K posted approximately $ 4.5 million in commissions from January through the end of March. K bank was the first Korean bank to operate solely on the Internet and made its first net profit during the second quarter for the first time since its launch four years ago.

Second place in terms of revenue from crypto fees was NH Nonghyup, which has partnerships with the Bithumb and Coinone exchanges. Collectively, the trade generated $ 2.69 million in the second quarter compared to approximately $ 1.5 million in the first quarter.

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Meanwhile, Shinhan Bank has reported fees of around $ 300,000. Although it is far less than its competitors, Shinhan has grown substantially since the first quarter when it reported less than half of that.

Speaking to the Korean Herald, Representative Yun said that “Compared to the beginning of the year, the number of accounts has increased fivefold and the deposit balance has quadrupled and the coin craze is not over yet, with the prices of Bitcoin y recently went up again. ‘

report goes on to say that the numbers show a large increase in deposits to real-name accounts used in cryptocurrency trading. At the end of 2020, the total invested in these accounts amounted to almost $ 1.5 billion. By the end of March 2021, that number had risen to more than $ 5 billion. And, at the end of June, $ 6 billion was invested in crypto accounts with real names. Of course, the number of accounts associated with cryptocurrency trading also went from around 1.3 million in December 2020 to almost 7 million in early July.

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