In South Korea, the number of cryptocurrencycurrency trades has increased, reaching all-time highs on leading exchanges Upbit and Bithumb. According to recent data, Bithumb momentarily surpassed market leader Upbit to take 72% of the market share in early February.
Compared to Upbit’s sub-$1 billion, Bithumb had roughly $3 billion in Bitcoin volume in January. Eliminating fees on all cryptocurrencycurrencies propelled Bithumb’s expansion and drew a large number of new dealers. But after that, Upbit volumes went back to normal.
In spite of this setback, Bithumb is continuing to gain traction and may eventually make history by being the first cryptocurrencycurrency exchange listed on the KOSDAQ stock exchange in 2025. Samsung Securities is allegedly contracted by Bithumb to provide listing advice.
However, Bithumb is up against rapidly growing services. Regarding won-denominated real-name accounts, which are essential for trading cryptocurrencycurrency with won under Korean regulations, it differed with KB Kookmin Bank. As of March 24, Bithumb’s present agreement with NH NongHyup Bank is set to expire, potentially impeding the acquisition of traders.
Despite making significant progress against Upbit, Bithumb still faces challenging regulatory obstacles. Its achievement as the first exchange to go public could set the standard for the general use of cryptocurrencycurrencies.
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