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KB also strongly considering 1-year extension with Bithumb
Virtual asset exchange Coinone is expected to extend its partnership for KRW deposit and withdrawal accounts with KakaoBank [323410] for another year.
According to industry sources on the 6th, the two companies are discussing a plan to extend the KRW deposit and withdrawal account partnership, which expires in mid-this month, for another year, and there are no major disagreements.
It was previously reported that KakaoBank completed an on-site due diligence on Coinone in May, which included an anti-money laundering (AML) system.
To operate a KRW-based service, 'KRW Market', an exchange must establish a deposit and withdrawal account partnership with one bank per exchange.
Coinone changed its partner bank from NH Nonghyup Bank to KakaoBank in November 2022 and has been renewing the contract ever since.
Separately, KB Kookmin Bank is strongly considering extending its contract with Bithumb for one year, ahead of the partnership's expiration in late next month.
KB Kookmin Bank signed a one-year partnership agreement with Bithumb in March last year, and then re-contracted in March this year, immediately after Bithumb's incorrect Bitcoin payment incident, reducing the term to six months.
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