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Articles by Choi Keun-do
Hana Securities to unveil security token platform in August 2024
Hana Securities Co., a Seoul-based investment banking service provider, will launch a security token platform, a set of tools for blockchain-based financial services, in August 2024. According to sources familiar with the financial industry on Tuesday, Hana Securities joined hands with tech firm ITCEN Group to build a security token platform in November. The project will take about ten months to be completed, with the company's plan to deploy dozens of employees into the work every month.
Bitcoin price hits 17-month high on hopes for spot Bitcoin ETF approval
Bitcoin prices in South Korea rose more than 3 percent overnight on Monday to reach 41.6 million won, the highest level since May 13 2022, on expectations that spot Bitcoin exchange-traded funds (ETFs) will be approved by the U.S. Securities and Exchange Commission (SEC). According to CoinMarketCap OpCo LLC on Monday, the price of Bitcoin was 41.6 million won as of 3 p.m. in the local market, up 3.09 percent from 9 a.m. on the same day.
Bitcoin price hits 17-month high on hopes for spot Bitcoin ETF approval
Bitcoin prices in South Korea rose more than 3 percent overnight on Monday to reach 41.6 million won, the highest level since May 13 2022, on expectations that spot Bitcoin exchange-traded funds (ETFs) will be approved by the U.S. Securities and Exchange Commission (SEC). According to CoinMarketCap OpCo LLC on Monday, the price of Bitcoin was 41.6 million won as of 3 p.m. in the local market, up 3.09 percent from 9 a.m. on the same day.
Fake Aptos mistakenly traded on Korea’s largest crypto exchange - Pulse by Maeil Business News Korea
South Korea’s largest cryptocurrency exchange, Upbit, recently encountered a major incident where fake virtual assets were mistakenly recognized as legitimate cryptocurrencies. The exchange promptly suspended deposits and withdrawals related to the affected virtual assets and initiated efforts to recover its funds.
New coins listed on Korea’s top 5 crypto exchanges show weak trading volume - Pulse by Maeil Business News Korea
South Korea’s top five cryptocurrency exchanges have been aggressive in introducing new coins but investor enthusiasm has been waning, with daily trading volume for 17 coins reaching below 1 million won ($757.5). According to an analysis by Maeil Business Newspaper on Tuesday, the country’s top five cryptocurrency exchanges - Upbit, Bithumb, Coinone, Korbit, and Gopax - listed 30 new coins in the second half of this year.
Korean banks explore CD tokens as stablecoin alternative - Pulse by Maeil Business News Korea
Certificate of deposit (CD) tokens are generating interest among South Korean banks as a potential replacement for stablecoins amid concerns about their stability. According to industry sources on Sunday, Hana Bank plans to conduct research on CD tokens as part of its internal decision to engage in the proof of concept (PoC) process for the central bank digital currency (CBDC) project by the Bank of Korea. PoC refers to the verification of new technologies before their introduction to the market.
OpenAI CEO calls for more investments in AI during Korea trip - Pulse by Maeil Business News Korea
Sam Altman, chief executive officer (CEO) of ChatGPT maker OpenAI Inc., has set his eyes on South Korea for business opportunities in sectors such as artificial intelligence (AI), memory chips, and virtual assets. According to multiple sources from the conglomerate circle on Sunday, Altman, who was in town, met with Choi Sung-hwan, CEO of SK networks Co., in Seoul on Friday and discussed measures to strengthen investments in AI startups. Choi was the only CEO that Altman met during his trip.
Traditional markets see more younger visitors amid retro boom - Pulse by Maeil Business News Korea
Traditional markets are seeing a surge in the number of visits by people in their 20s and 30s on the back of a recent retro trend where younger diners enjoy nostalgic food. The trend was apparent according to a recent analysis released by the BC Institute of Innovative Finance, the research arm of BC Card Co., on Wednesday on sales figures at 15 traditional markets nationwide during the first four months of the past five years from 2019 to 2023.
Credit card companies sell 82 percent more of their delinquent loans in Q1
South Korean credit card companies saw their overdue bond sales surge by 82 percent in the first quarter from a year ago as they preemptively monetized the delinquent loans amid the worsening business environment.
Super-rich Koreans tend to be more thinking, judging personality types
One out of four super-rich individuals with total assets of more than 30 billion won ($22.7 million) or financial assets of more than 10 billion won in South Korea turned out to be an “ESTJ” in the Myers Briggs Type Indicator (MBTI), a self-report test that divides individuals into 16 distinct personality types across 4 axes. The super-rich had an average asset of 32.3 billion won and were mostly business managers.
Banks ease eligibility to delay principal repayment for mortgage loans - Pulse by Maeil Business News Korea
South Korean banks are expanding the eligibility for a pre-workout program of mortgage borrowers to allow them to delay principal repayment, effective Thursday. The new criteria include borrowers with a debt-to-income ratio (DTI) of 70 percent or more, and the eligible home price will be 900 million won ($688,000), 300 million won higher than before.
Koreans flock to banks in fastest pace amid unprecedentedly strong tightening cycle
South Korean investors are decisively withdrawing from the securities and property market to park their money in safer time deposits and installment savings as rates jump to 4 to 5 percent level versus sub-1 percent a year ago. According to data released by the Bank of Korea on Thursday, the outstanding balance in bank accounts reached 2,245.4 trillion won ($1.57 trillion) as of the end of September, surging 36.4 trillion won from a month ago.
Coinbit to become 5th crypto exchange to serve digital token trade in Korean won
[Photo by Park Hyung-ki] Coinbit is set to become the fifth cyptocurrency exchange platform to serve trade in Korean currency upon completing all the necessary requirements under a new law in South Korea. According to financial industry sources, an unidentified local bank has recently finalized internal procedures to open bank accounts for traders with Coinbit after deliberating several candidates for crypto partner.
Korea’s big 3 battery makers take up nearly 35% in EV market in 2020
[Graphics by Song Ji-yoon] South Korea’s battery majors – LG Energy Solution Ltd., Samsung SDI Co., and SK Innovation Co. – doubled their global share in the electric vehicle (EV) power in just a year. According to market tracker SNE Research on Monday, the combined market share of the three Korean names jumped to 34.7 percent in 2020 from 16 percent in 2019.
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