South Korean commercial banks should say “thank you, crypto,” local media outlets have claimed, with cryptoasset investors flocking to their platforms to set up fiat on/off ramps in order to trade their tokens.
Per a report from SBS, the neobank K-Bank has seen a staggering 1.7m new customers open accounts in the first three months of the year, with NongHyup Bank (NH) gaining 100,000 new customers in the past four weeks alone.
The banks, which SBS suggested were “smiling ear-to-ear” have been reaping the rewards of South Korea’s Crypto Fever 2.0, with crypto moms and crypto grannies keen to join armies of 20-39-year-olds in making token investments.
Under South Korean legislation passed last month, all crypto traders must open linked real name and social security number-verified bank accounts at commercial banks that partner with exchanges on a rolling six-month contractual basis.
K-Bank has teamed up with the Upbit crypto exchange, which this…