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- Bithumb is on its way to connecting its system with mobile applications.
- It will connect with three leading domestic financial institutions.
- These are Samsung Securities, NH Nonghyup, and KB Kookmin Bank.
Bithumb Collaboration With Financial Institutions
Bithumb is the leading crypto exchange firm based in South Korea. The firm announced its system connection with mobile apps this Thursday. Due to this system and app merger, users can easily check crypto prices and their investments.
Bithumb’s upgrade will provide three different mobile app solutions. The first one is with the leading electronic firm in S.Korea, Samsung. Samsung will introduce its mPOP mobile app. While the S.Korean agricultural bank, NH Nonghyup, will introduce NH Smart Banking and NH Allone Bank. Another leading S.Korean bank, KB Kookmin Bank, will come along with its KB StarBanking.
In a Press Release, Bithumb stated, “As digital assets move closer to traditional finance, we are thinking about ways for customers to manage their portfolios at ease.” Last year, Bithumb collaborated with NH Nonghyup Bank. This collaboration benefits the Bithumb users through its services. In which the bank provides real-name withdrawal and deposit accounts. This banking process is under the S.Korean crypto regulations.
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Bithumb comes under the list of top 5 crypto exchanges in S.Korea. The remaining four crypto exchanges are Upbit, Coinone, Korbit, and Gopax. It must be noted that Bithumb collected 17.1% of total crypto trade volume in S.Korea last year.
The merger of financial institutions with the crypto firm is not new in this industry. Many major mergers seen over the past few years. As the technologies rise one step ahead, more mergers are popping out. Additionally, the lawmakers of S.Korea are planning to bring regulation on digital assets. That will probably be named as Digital Asset Basic Act and launched by the first half of 2023 in S.Korea.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
