{"id":193033,"date":"2021-03-03T12:47:59","date_gmt":"2021-03-03T09:47:59","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/upbits-main-banker-targets-2022-ipo-amid-massive-crypto-user-on-boarding\/"},"modified":"2021-03-03T12:47:59","modified_gmt":"2021-03-03T09:47:59","slug":"upbits-main-banker-targets-2022-ipo-amid-massive-crypto-user-on-boarding","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/upbits-main-banker-targets-2022-ipo-amid-massive-crypto-user-on-boarding\/","title":{"rendered":"# Upbit’s main banker targets 2022 IPO amid massive crypto user on-boarding"},"content":{"rendered":"

“# Upbit’s main banker targets 2022 IPO amid massive crypto user on-boarding <\/strong>”
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Some South Korean banks app<\/a>ear to be enjoying the benefits of increased crypto involvement with K bank reportedly eyeing an initial public offering in 2022.<\/p>\n

According to a repor<\/a>t by The Korea Times on Wednesday, K bank CEO Lee Mun-whan revealed that the bank would be profitable by 2022, paving the way for the public listing.<\/p>\n

K bank \u2014 South Korea\u2019s first internet-only bank \u2014 is the major Korean won on-ramp for Upbit; one of the \u201cbig four\u201d crypto exchanges in the country.<\/p>\n

The expected positive revenue turnaround for K bank is coming after a tumultuous 2019 which saw Korea Telecoms barred from becoming the bank\u2019s largest shareholder.<\/p>\n

This regulatory imbroglio contributed to K bank posting a 100 billion won ($89 million) loss in 2019.<\/p>\n

However, BC Card \u2014 a Korea Telecoms subsidiary \u2014 has been allowed to become the bank\u2019s largest shareholder without causing any wrinkles with the country\u2019s fair trade laws.<\/p>\n

K bank has also seen a 400 billion won ($356 million) capital influx since the resolution of the shareholder issue with Mun-whan stating that the bank is focused on growing its capital base to beyond 1.5 trillion won ($1.3 billion).<\/p>\n

For Baek Kyoum Kim of Hashed \u2014 a South Korean blockchain investment group \u2014 K bank is accelerating its IPO plans on the back of significant growth brought on by onboarding new crypto users.<\/p>\n

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Upbit’s main KRW fiat on-ramp provider KBANK is accelerating its IPO schedule thanks to explosive growth through new crypto user onboarding… <\/p>\n

added $2B+ to AUM just in Feb 2021 <\/p>\n

No wonder why all banks feeling big FOMO on cryptohttps:\/\/t.co\/tmz6G3XIuv<\/a><\/p>\n

\u2014 Baek Kim | HASHED (@baekkyoumkim) March 3, 2021<\/a><\/p><\/blockquote>\n