KakaoBank Introduces Cryptocurrency Monitoring Feature
KakaoBank, a leading digital banking platform in South Korea with a customer base exceeding 22 million, has introduced an innovative feature that allows users to monitor cryptocurrency prices.
Partnership with Coinone
This new functionality, developed in partnership with the local crypto exchange Coinone, enables KakaoBank customers to access up-to-the-minute pricing for major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) directly within the banking app.
Enhanced Trading Experience
A report from Chosun Biz, released on Tuesday, highlights that users can see live data on price fluctuations, transaction volumes, and market capitalization rankings, which should enhance their trading experiences.
This initiative is part of a broader strategy by KakaoBank to integrate more digital financial services into its offerings and follows a previous collaboration with Coinone that began in 2022, allowing Coinone users to create accounts for deposits and withdrawals related to cryptocurrency.
Regulatory Challenges
Despite facing challenges from regulatory bodies, including an investigation by the Financial Supervisory Service (FSS) into Coinone’s operations regarding drastic fluctuations in the value of Movement’s token last year, this partnership continues to thrive. The FSS had looked into possible unfair trading practices after MOVE’s price soared astonishingly before plummeting.
However, to date, there have been no allegations of misconduct against Coinone. This latest development underscores the ongoing evolution and integration of digital banking and cryptocurrency in South Korea’s financial landscape.
