South Korea’s crypto market hits $968.5B in H2 2024 as Bitcoin rally lifts activity

Bithumb’s No-Trading-Fee Policy Proves Effective in Boosting User EngagementSince the recent introduction of a no-trading-fee policy for select cryptocurrencies, Bithumb, one of the leading cryptocurrency exchanges in South Korea, has experienced extended customer engagement on its platform.Increased user engagement and installationsOver the past week, the Bithumb app has witnessed growth in user engagement and installations. Both the average total time spent on the app and the average time spent per individual user have risen by nearly 20%. Additionally, there has been a 10% rise in the number of new app installs compared to the previous week.Photo by Mike Hindle on UnsplashTen new fee-free tokensIn this positive announcement today, the crypto exchange also revealed the addition of ten new virtual assets to its list of fee-free trading options. These newly added assets are SAND, AXS, BSV, QTUM, TFUEL, ANKR, T, KNC, STPT, and ONG. This brings the total number of fee-free trading assets on the exchange to 20.Customer engagement and trading volumeBithumb has demonstrated its commitment to making customers stay longer on its platform through various initiatives. Notably, the exchange, in late June, introduced Insight, a service that provides crypto investors with metrics to help them make informed decisions. The company believes that bolstering customer engagement will drive growth in the exchange’s trading volume.Bithumb, recognizing the positive impact of its zero trading fee policy on customer retention, internally saw this achievement as a successful step towards delivering tangible benefits to its users through an optimized trading environment.Since the beginning of the month, the exchange has been unveiling a weekly lineup of fee-free tokens, accompanied by a no-fee BTC market. These fee-free tokens are easily identifiable with a blue badge and can be conveniently sorted by clicking the “fee-free” tab at the top of the chart.Moon Sun-il, the Head of Services at Bithumb, emphasized the company’s commitment to noticeable user experience enhancement. Moon highlighted the recent implementation of the no-trading fee policy and the introduction of the trading data service, Insight, as key initiatives driving towards this goal.

Coinone, one of the five fiat-to-crypto trading platforms in South Korea, unveiled an upgraded version of its mobile app charts for a better user experience. According to local news source Bizwatch, the update introduces an array of indicators at the bottom of the charts to facilitate more comprehensive analysis. Additionally, the app now includes three new chart features: a display of best orders, the capability to see price alert lines and access to a 90-day transaction history. Since last year, Coinone has rolled out 20 updates aimed at enhancing the trading experience and bolstering security for its users. This year also saw several new features. Among these are the integration of TradingView charts and the addition of share buttons for announcements. Additionally, Coinone recently started providing the functionality to print statements for crypto accounts.Photo by Kanchanara on UnsplashHiring more developersThese enhancements are part of Coinone's continuous efforts to elevate customer satisfaction and refine its services. Despite the downturn that the cryptocurrency industry faced last year, Coinone took a noteworthy step by bringing on board 20 new developers this year. This move underscores Coinone's proactive stance in improving its platform and offerings amidst challenging market conditions. Coinone's focus on meeting customer demands has led to a notable reduction in inquiries. Last year, the exchange reported that its efforts to enhance customer service resulted in a decrease of more than 45% in the number of customer inquiries. Compliance amid changing regulatory environmentMarking its 10th anniversary last month, Coinone has set its sights on emphasizing investor protection and regulatory compliance in anticipation of the upcoming implementation of the Virtual Asset User Protection Act, which is slated to take effect in July.  Cha Myung-hun, the CEO of Coinone, commented on the recent updates, noting that the surge in public interest towards virtual asset investment has prompted the decade-old exchange to enhance its chart functionalities, specifically catering to novice investors. 

Yunfeng Financial Group has purchased 10,000 Ethereum (ETH) on the open market for $44 million, the Hong Kong–listed fintech said in a Sept. 2 statement. The company described the move as part of a broader plan to increase exposure to digital assets, joining firms such as Bitmine Immersion Technologies and SharpLink Gaming that have incorporated ETH into corporate treasuries.Photo by DrawKit Illustrations on UnsplashETH backs RWA strategy, inflation hedgeThe acquisition follows Yunfeng’s July outline to expand into Web3, real-world asset (RWA) tokenization, artificial intelligence, and ESG-linked assets aimed at net-zero goals. Yunfeng said ETH could support its Web3 and RWA businesses, help optimize assets, and provide a hedge against traditional currencies. It is also exploring ways to incorporate ETH into insurance products. The RWA market has grown in recent months, with on-chain RWAs totaling $28.19 billion at the time of publication, up 7.37% from a month earlier, according to data from RWA.xyz. Yunfeng noted it may adjust the size of its ETH reserves in line with market conditions, regulation, and its financial position. The company said the purchase falls below Hong Kong Stock Exchange disclosure thresholds: all five percentage ratios—assets, profits, revenue, consideration, and equity capital—remain under 5%. It stated it will meet disclosure requirements if future transactions push holdings beyond the relevant limits. Institutions drive ETH momentumThe announcement comes amid heightened interest in ETH. CryptoRank data show a 30% year-to-date price increase, and Tom Lee, Fundstrat’s head of research and chair of BitMine, has forecast a near-term range of $4,000 to $5,450. He argued that Ethereum is well placed to serve institutional use cases, pointing to its role in hosting more than half of the roughly $250 billion stablecoin supply and its prominence in asset tokenization. Hong Kong continues to position itself as a regional hub for blockchain and digital assets despite Mainland China’s 2021 ban on crypto trading. In a separate development, Fosun Wealth Holdings launched tokenized shares of Sisram Medical, an Israeli med-tech company listed in Hong Kong. The tokens, representing about $328 million in market value, were deployed across Vaulta, Solana (SOL), Ethereum, and Sonic. Fosun said it plans to tokenize additional corporate bonds and shares, without naming issuers or setting a timeline. Other local companies have also disclosed crypto exposure. Linekong Interactive Group reported holdings of 92.07 BTC, 943.63 ETH, and 6,091.7 SOL as of June 30 after purchases in the first half of the year, with cumulative unrealized gains of roughly $7.5 million. Linekong said it views crypto as a long-term investment and may increase its holdings pending board and shareholder approval.