K Bank Continues Partnership with Upbit, Extending Real-Name Account Partnership by One Year

[Financial News] K Bank is extending its partnership with cryptocurrency exchange Upbit for real-name-verified deposit and withdrawal accounts by one year. The two companies will continue their partnership, which began in 2020, for more than six years. 
According to financial industry sources on the 5th, K Bank disclosed on the 2nd that it had extended its real-name-verified deposit and withdrawal account partnership agreement with Dunamu, the operator of Upbit. As a result, the partnership agreement, which was set to expire that day, will remain in effect until October 5 next year. 
K Bank said, "We have agreed with Dunamu to extend the existing partnership agreement," adding, "As we have confirmed that the Financial Intelligence Unit (FIU) has accepted Dunamu's registration report as a virtual asset service provider, we plan to continue providing the related services."
Through its partnership with Dunamu, K Bank provides real-name-verified deposit and withdrawal account services to support Korean won trading on Upbit. It also deposits, safeguards and manages funds held by virtual asset users. Users of cryptocurrency exchanges must open a real-name-verified deposit and withdrawal account with a partner bank to trade virtual assets in Korean won.
The agreement is automatically renewed for one year at a time unless either party separately expresses its intention to terminate it. 
Meanwhile, K Bank's deposit balance stood at KRW 26.6 trillion as of the end of the first half of this year. Of that amount, digital asset deposits linked to Upbit totaled KRW 3.735 trillion, accounting for 14.0% of the bank's total deposits. 
[email protected] Lee Hyun-jung Reporter