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- KakaoBank launches crypto price tracking tool in partnership with Coinone to meet growing demand for digital assets.
- A new feature on the KakaoBank app allows users to track live prices and market data for Bitcoin, Ethereum, and other cryptocurrencies.
- Despite regulatory scrutiny, the partnership between Coinone and KakaoBank boosts digital finance in South Korea.
KakaoBank, one of the Korean digital banks with over 22 million users, has come up with a new crypto tracking service. As reported by Chosun Biz on Tuesday, the new feature, implemented in cooperation with Coinone, allows users to see the current rates of popular cryptocurrencies such as Bitcoin and Ethereum. This is a logical extension of the developments in KakaoBank’s strategy to diversify its services and meet the emerging needs of the population regarding cryptocurrencies.
The new tool is designed to be used on the KakaoBank application, enabling users to monitor the market prices in real time. It offers its users information on the rankings, market capitalization, and other statistics related to the prices of various cryptocurrencies. Moreover, a representative of the bank pointed out that the application also shows price fluctuations, inclining as well as declining, in the cryptocurrency market.
KakaoBank and Coinone Partnership
This development is categorized under technical partnerships and is rooted in a strategic business partnership that KakaoBank has had with Coinone. The two firms initially teamed up in 2022, whereby Coinone permitted its users to open deposit and withdrawal accounts in Crypto. KakaoBank’s newest venture also shows the company’s continuous advancement and expansion in the digital financial services field.
Nonetheless, some regulations have not hampered the operations between Coinone and KakaoBank, and they have continued with the operations. By the end of 2024, South Korea’s Financial Supervisory Service (FSS) launched an investigation into Coinone due to excessive volatility in the Movement token (MOVE).
The FSS investigates whether there was any unfair trading when the shares of MOVE suddenly rose and were thereafter again lowered. There have been no allegations against Coinone since the investigation process started.
Aligning with Crypto Trends
The partnership with KakaoBank can be seen as beneficial in expanding Coinone’s foothold in the competitive South Korean marketplace. Through such cryptocurrency tracking features, KakaoBank has sought to align itself with the emerging crypto-assets market. This initiative is a part of a general market trend, observing how financial institutions are starting to include blockchain and cryptocurrencies into their portfolio.
The introduction of the crypto price inquiry tool is one of the many advancements made by KakaoBank in improving its application. KakaoBank has attracted millions of users who utilize its various financial services, making it a key player in South Korea’s digital banking sector. KakaoBank intends to broaden its client base and move forward in the boundless space of dynamic digitalization of financial services.
