NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Korea’s Crypto Exchanges are Backed by the Country’s Biggest Bank and Internet Firm

Joseph Young
Joseph Young
6 years ago
2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

South Korea’s two largest crypto exchanges UPbit and Gopax are backed by the country’s biggest bank and internet company Shinhan Bank and Kakao.

Importance of Shinhan Bank’s Involvement

The vast majority of investors in South Korea are already well aware that the country’s major crypto exchanges are financed and operated by some of the largest conglomerates in South Korea. Korbit was acquired by NXC, the parent company of $10 billion gaming giant Nexon, making the three biggest digital asset trading platforms in South Korea subsidiaries of corporations worth of tens of billions of dollars.

The cryptocurrency exchange landscape of South Korea is unique in that as with every other industry, the country’s most influential conglomerates have control over the trading platforms. Shinhan Bank, the biggest commercial bank in South Korea, is the lead investor in Gopax, and Kakao, the country’s largest internet conglomerate, has operated UPbit since 2017.

Bithumb and its recent controversy surrounding the exchange’s $40 million security breach and the company’s controversial decision to freeze deposits and withdrawals for over a month have led investors to migrate to UPbit, Gopax, and Korbit, have allowed the trio to dominate the local market.

To users and investors outside of South Korea, Gopax is relatively unknown due to the company’s lack of partnerships with foreign exchanges and presence in foreign markets.

Screenshot of Gopax.co.kr homepage, the official website of Gopax

However, with the assistance of Shinhan Bank, Gopax has evolved into a major cryptocurrency exchange in South Korea in a relatively short period, garnering the trust of local investors by focusing on technology, security, and efficiency.

UPbit, the more well known major cryptocurrency exchange in South Korea to overseas markets, has been operated by Dunamoo, a subsidiary of Kakao, since early 2017. As the country’s leading internet conglomerate, Kakao has nearly 90 percent market dominance in fintech, ride-sharding, online stock trading, and social media, with KakaoPay, KakaoTaxi, KakaoStock, KakaoStory, and KakaoTalk.

With Bithumb out of contention to remain as one of the leading digital asset exchanges in South Korea, UPbit, Gopax, and Korbit have gained control over the market.

Local investors have expressed their optimism towards the dominance of the three exchanges, backed by the country’s multi-billion dollar conglomerates, with decades of track record and well established connections with the authorities.

Currently, the cryptocurrency exchange market of South Korea are more or less being operated by the country’s largest commercial bank, internet conglomerate, telecommunications conglomerate, and gaming giant, with other regulated financial institutions and technology corporations such as LG, Samsung, and Hyundai publicly disclosing their interest in the cryptocurrency market.

Involvement of Conglomerates Will Legitimize the Market

The involvement of these multi-billion dollar conglomerates mean that major exchanges will focus on remaining compliant with local financial regulations and employing robust security measures to ensure that the digital asset exchanges do not have a negative impact on the core businesses of these conglomerates.

More importantly, the direct involvement of Shinhan Bank as a lead investor of a major cryptocurrency exchange could play a vital role in maintaining favorable relationships between cryptocurrency businesses and financial institutions in the long-term.

Featured Image From Shutterstock, Image Courtesy of Gopax

Tweet123Share257ShareSend
Joseph Young
Joseph Young

Joseph Young

Joseph is a web developer and designer, writer and a passionate musician who loves to travel often. He's worked as a researcher for a number of venture capital firms and as a freelancer designer for resorts and corporations in Korea and the Philippines.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin

Bitcoin Meets Heartbreak In Drake’s Latest Track—Details

Grammy‑winning artist Drake has just put out a new track called What Did I Miss? that makes a clear link between...

Christian Encila 9 hours ago
Bitcoin

Are Bitcoin Retail Traders Back In The Market? On-Chain Data Suggests So

Bitcoin started the month of July with a convincing rally to the upside, suggesting a sustained bullish sentiment amongst investors...

Opeyemi Sule 10 hours ago
Bitcoin

Bitcoin Must Hold $106,000 And $98,000 To Avoid Breakdown

Bitcoin is currently holding just above the $108,000 level and bulls are maintaining momentum after a volatile start to July....

Scott Matherson 12 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

XRP

XRP Eyes Breakout As Analysts Predict Rally Alongside Real-World Adoption

Scott Matherson 3 hours ago
Ethereum

Ethereum Ready For Explosive Breakout: $5,791 The Minimum Target–Analyst

Scott Matherson 6 hours ago
Bitcoin

Bitcoin Exchange Outflows Continue To Rise: Investor Confidence At An All-Time High?

Opeyemi Sule 7 hours ago

Premium Sponsors

Press Releases

  • Make $8,000 a day in stable passive income easily –...

    8 hours ago
  • SunnyMining——A passive income tool that allows ordinary...

    9 hours ago
  • Cryptocurrency is the best way to get rich quickly, easily...

    24 hours ago
  • XRP Cryptocurrency × Dogecoin Mining: HASHJ launches...

    1 day ago
  • Koja kriptovaluta ima veći potencijal za stvaranje milijunaša XRP ili Shiba Inu

    Koja kriptovaluta ima veći potencijal za stvaranje...

    1 day ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.