Despite heavy fluctuations in the cryptocurrency market in the second quarter of this year, South Korean banks enjoyed a sharp increase in revenue from crypto transaction fees.

Per the announcement:

“The three banks in partnership with cryptocurrency exchanges — K bank, NH Nonghyup Bank, and Shinban Bank — made a total of 16.9 billion won ($14.71 million) from the transaction fees of the four cryptocurrency exchanges they provide real name accounts for — Upbit, Bithumb, Coinone and Korbit.”

Crypto transactions go through the roof

The three South Korean banks’ revenue accrued is more than double the 7 billion won, approximately $6.08 million attained in the first quarter. Therefore, it shows that crypto transactions in South Korea went through the roof in the second quarter of 2021 despite significant fluctuations in the cryptocurrency market. 

For instance, Bitcoin shed more than half of its value from an all-time high of $64.8K recorded in mid-April based on factors like an intensified crypto mining crackdown by Chinese authorities. The leading cryptocurrency dropped to $28K as more than 90% of China’s crypto mining capacity was hampered.  

Nevertheless, Bitcoin continues to regain lost ground because it was hovering around the $46K level during intraday trading, according to CoinMarketCap.

Crypto accounts increased five-fold

According to the report:

“Compared to the beginning of the year, the number of accounts has increased five-fold and the balance of deposits has quadrupled, and the coin craze has not yet ended, with Bitcoin prices recently surging again.”

Therefore, more participants have been joining the crypto space.

Meanwhile, crypto deals are boiling down to a game of the highest bidder, given that they are catching the eye of bigger players like capital pension funds and private equities. As a result, an uptick in prices is being experienced.

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