Coinone and KakaoBank are holding talks on extending their partnership for won deposit and withdrawal accounts by another year. KB Kookmin Bank is also likely to be reviewing a 1-year extension ahead of the expiry of its partnership contract with Bithumb next month.

On Aug. 6, the industry said Coinone and KakaoBank are discussing a 1-year extension of their partnership contract for won deposit and withdrawal accounts, which expires in mid-August. There are said to be no major differences between the two sides.

KakaoBank is known to have completed an on-site review in May of Coinone’s anti-money laundering system ahead of a contract extension.

A digital asset exchange that operates a won market must sign a partnership with a bank for real-name verified deposit and withdrawal accounts to support won deposits and withdrawals.

Coinone has renewed its contract since changing its partner bank from NH NongHyup Bank to KakaoBank in November 2022.

A renewal also looks increasingly likely for Bithumb’s partnership with KB Kookmin Bank.

KB Kookmin Bank is said to be strongly considering a plan to extend the partnership with Bithumb for 1 year, with their contract set to expire in late September.

KB Kookmin Bank signed a 1-year partnership contract with Bithumb in March last year for won deposit and withdrawal accounts. After an incident in which Bithumb mistakenly paid out bitcoin, the contract period was cut to 6 months in the renewal process in March this year.

If this renewal is completed, both Coinone and Bithumb will maintain their relationships with their existing partner banks. Equity investments and platform cooperation between securities firms and digital asset exchanges have been expanding recently, but moves to keep the existing system appear to be continuing in bank partnerships, a key infrastructure for operating won markets.