Bithumb Switches to Kookmin Bank to Expand Mainstream Market Reach

Bithumb, South Korea’s second-largest crypto exchange, is set to change its deposit and withdrawal service provider bank from NH NongHyup Bank to KB Kookmin Bank. The switch, scheduled to take place in March 2025, marks a significant step in Bithumb’s efforts to tap into the mainstream market.

New Banking Partnership Details

According to recent reports, Bithumb’s partnership with Nonghyup will come to an end on March 23. As required by South Korean law, crypto exchanges are only allowed to have one partner bank to facilitate Korean won transactions. As a result, investors wishing to trade virtual assets on Bithumb must open a Kookmin Bank account using their real name and link it to their Bithumb account.

From March 24 at 11:00 AM KST, users will no longer be able to use a NongHyup Bank account to trade on Bithumb. However, they can start linking their Kookmin Bank accounts on January 20 at 09:00 AM KST. Bithumb officials have assured users that more details on the linking process will be provided in a separate notice.

Reasons Behind the Switch

Bithumb’s decision to switch partner banks is believed to be driven by its desire to expand its market reach, particularly towards younger users. A yearly survey has shown that Kookmin Bank is the second most popular bank among South Koreans in their 20s, making it an attractive partner for Bithumb.

Kookmin Bank has also launched initiatives targeting younger users, such as the “So Young” debit card program, which offers special discounts for businesses favored by teenagers. As one of the four largest banks in South Korea, Kookmin Bank’s partnership with Bithumb is expected to enhance the crypto exchange‘s credibility and reach.

“Moving forward, both companies will do the best to ensure the healthy and stable growth of the virtual asset market,” said Bithumb CEO Lee Jae-won.

Key Takeaways

• Bithumb will switch its deposit and withdrawal service provider bank from NH NongHyup Bank to KB Kookmin Bank in March 2025.
• Investors must open a Kookmin Bank account using their real name and link it to their Bithumb account to continue trading.
• Kookmin Bank is the second most popular bank among South Koreans in their 20s, making it an attractive partner for Bithumb.
• The partnership is expected to enhance Bithumb’s credibility and reach in the mainstream market.

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