Upbit's main banker targets 2022 IPO amid massive crypto user onboarding

[Cordillerabit]

Some South Korean banks appear to be enjoying the benefits of increased crypto involvement with K bank reportedly eyeing an initial public offering in 2022.

According to a report 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.

K bank — South Korea’s first internet-only bank — is the major Korean won on-ramp for Upbit; one of the “big four” crypto exchanges in the country.

The expected positive revenue turnaround for K bank is coming after a tumultuous 2019 which saw Korea Telecoms barred from becoming the bank’s largest shareholder.

This regulatory imbroglio contributed to K bank posting a 100 billion won ($89 million) loss in 2019.

However, BC Card — a Korea Telecoms subsidiary — has been allowed to become the bank’s largest shareholder without causing any wrinkles with the country’s fair trade laws.

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).

For Baek Kyoum Kim of Hashed — a South Korean blockchain investment group — K bank is accelerating its IPO plans on the back of significant growth brought on by onboarding new crypto users.

Source: Bityard