Upbit’s reach hits one in four South Koreans, XRP emerges as top traded token
Upbit, South Korea’s largest cryptocurrency exchange operated by Dunamu, announced on Jan. 2 that its user base surpassed 13 million by the end of last year.
With South Korea’s population at 51.6 million, the data implies that roughly one in four Koreans now holds an account on the platform. Demographic breakdowns show that users in their 30s comprise the largest cohort at 28.7%, followed by those in their 40s at 24.1% and 20s at 23.2%. Users in their 50s accounted for 16.9%, while those in their 60s and 70s made up 6.0% and 1.1%, respectively.
Adoption is particularly high among younger generations, with the combined total of users in their 20s and 30s reaching 5.48 million. Based on Ministry of the Interior and Safety data showing 12.37 million people aged 20 to 39 as of November, approximately 44% of Koreans in this age demographic use the platform. Upbit added 1.1 million new users last year, with men comprising 56.9% of new accounts and women 43.1%.
XRP overtakes BTC and ETH in trading
In terms of trading volume, Ripple’s XRP was the most traded cryptocurrency in 2025, outpacing both Bitcoin and Ethereum. Daily activity peaked in the morning, coinciding with the start of the typical business day. The highest volumes were recorded at 00:00 UTC, or 9 a.m. Korea Standard Time.
Beyond standard trading, users are increasingly turning to Upbit’s asset management tools. Since its 2022 launch, the platform’s staking feature has attracted over 300,000 users, generating 257.3 billion won ($178.6 million) in total rewards. Furthermore, a dollar-cost averaging feature introduced in August 2024 has drawn about 220,000 users, with cumulative investments totaling 478.1 billion won ($331.9 million).
Kbank eyes public listing
In the broader ecosystem, Upbit’s banking partner is preparing for an initial public offering (IPO) this year. Kbank, an internet-only lender that has partnered with Upbit since 2020, is closely linked to the exchange through shared customers. According to Hansbiz, crypto-related funds accounted for roughly 16% of Kbank’s total deposits as of the first half of 2025. Under South Korean law, fiat-to-crypto service providers must secure real-name accounts from a local bank, meaning Upbit users are required to deposit Korean won at Kbank before trading on the exchange.
However, Kbank’s financial performance has softened following the 2024 implementation of the Virtual Asset User Protection Act, which compelled the bank to raise annual interest rates on deposits from Upbit users from 0.1% to 2.1%. On a consolidated basis, net interest income totaled 323.2 billion won ($224 million) in the third quarter of 2025, down 13% year over year. Net fee income remained in the red, posting a loss of 2.8 billion won ($1.94 million), widening from a 1.3 billion won loss in the same period a year earlier.
This latest IPO push follows two failed attempts and carries contractual implications. When Kbank raised 725 billion won ($503 million) in 2021 from investors including Bain Capital and MBK Partners, it pledged to list its shares by July 2026. If the upcoming attempt fails, those backers could exercise drag-along rights and put options, potentially resulting in increased financial obligations for Kbank.
Meanwhile, Upbit has seen other notable shifts in its business and governance. In November, Dunamu and Naver Financial, a subsidiary of internet giant Naver, approved a merger plan structured as a comprehensive share swap at a ratio of 1 to 2.54. At the time of the announcement, market observers estimated Dunamu’s valuation at 15 trillion won ($10.4 billion), compared with 5 trillion won ($3.5 billion) for Naver Financial.
