K Bank and Upbit Support South Korea's First Corporate Virtual Asset Transactions

K Bank announced on the 2nd that, together with the virtual asset (cryptocurrency) exchange Upbit, they have supported South Korea’s first corporate virtual asset transactions.

These first corporate virtual asset transactions were carried out by the social welfare corporation World Vision. After opening a corporate account with K Bank, World Vision linked it to a verified Upbit account on the 1st, completing every stage from selling virtual assets to withdrawing cash.

During the Upbit account linkage process, K Bank reviewed and then approved the connection in accordance with the 'Guidelines for Non-profit Corporate Virtual Asset Monetization.'

Meanwhile, K Bank has been offering corporate account opening services since 2018. As of the first quarter of this year, the cumulative number of opened accounts surpassed 7,300. Over the past three months, the number increased by more than 1,300, up from 6,000 at the end of last year.

Additionally, since 2023, K Bank has also proactively supported the opening of corporate accounts for use in virtual asset transactions by national organizations such as the Prosecutors' Office and National Tax Service, for the recovery of government funds. As of the end of last month, a total of 60 national agencies were trading virtual assets using K Bank corporate accounts. With World Vision's participation, a total of 61 institutions are now conducting corporate virtual asset transactions through K Bank accounts.

A K Bank representative stated, "As a major partner in the digital asset sector, we plan to review expanding various virtual asset-linked businesses in the future, including custody services."