YEREVAN (CoinChatper.com) — South Korea’s crypto exchange, Bithumb, wants to conduct an initial public offering by 2025. That is quite in line with what Coinbase and — reportedly — Ripple are planning to do in the US. The question arises: is Bithumb, getting competitively beaten by rivaling South Korean crypto exchanges, desperately staging a comeback with the IPO hype?
Bithumb IPO in 2025 is a “Comeback Plan”
As of November 2023, no cryptocurrency exchange in South Korea had gone public. Bithumb’s planned IPO in 2025 will be a benchmark move in this regard. South Korea, known for its rigorous regulatory environment for cryptocurrencies, has not seen any crypto exchanges, including major players like Upbit or Coinone, list on the stock market.
But hold on. This isn’t just a business move; it’s a move to reclaim the throne from its arch-nemesis, Upbit, which currently sits comfortably with an 85% market share, probably sipping on digital Daechu-cha.
Upbit — The Biggest Upbit Rival
Looking broadly, Bithumb is one of the top four cryptocurrency exchanges in South Korea, alongside Upbit, Coinone, and Korbit. These four exchanges collectively account for 90% of the crypto-asset trading volumes in the country. They have established crucial banking partnerships and received certifications from the Korean Internet and Security Agency.
Upbit has often been in a neck-and-neck race with Bithumb for the top spot among Korean crypto exchanges. Currently, Upbit holds the lead with around 8.9 million users and a trading volume surpassing $3.2 billion.
Meanwhile, Bithumb boasts over 8 million registered and 1 million mobile app users, with a daily trading volume of approximately $600 million.
So, picture this: Bithumb, once the G-Dragon of crypto exchanges, now eyes a comeback tour with its IPO. The plan? List on the KOSDAQ, South Korea’s version of Nasdaq.
Crypto Frenzy in South Korea in Full Blast
The plot thickens with seven undisclosed major South Korean securities firms planning to launch their crypto exchanges in 2023. One of these is Mirae Asset Securities, flexing its crypto muscles in Bitcoin, Ethereum, and NFTs.
Meanwhile, Samsung Securities, the Loki of this tale, is contemplating a foray into blockchain-based security tokens. Banks like Nonghyup and Kookmin are also dipping their toes in the crypto pool, with President Yoon Suk Yeol playing the role of the lifeguard, promising to ease regulations.
In a side quest, SK Securities and Hyundai Motor Securities are teaming up with regional banks and Bithumb, respectively, for digital asset custody businesses.
But here’s the kicker: while banks like Shinhan are playing catch-up, security services company SK Square swooped in like a K-pop star at a fan meeting and snagged a 33.2% stake in Korbit.
So, grab your popcorn and soju. In this whirlwind of crypto ambition, Bithumb’s IPO is not just a financial move; it’s a statement.
