Korean media: Upbit cooperative bank K Bank cryptocurrency account credit loan delinquency rate hits new high

On December 30, data showed that the credit loan delinquency rate of cryptocurrency accounts of K Bank in South Korea has reached a record high. K Bank is the Korean won account affiliated bank of Upbit, the leading cryptocurrency exchange in South Korea. Upbit accounts for more than 70% of cryptocurrency transactions in the country.
K Bank, which is gearing up for an IPO next year after two failed listings in a row, has been pointed out that its over-reliance on Upbit and poor robustness metrics could be obstacles to its listing.
According to the data submitted to the Financial Supervisory Service by Kim Jae-sub (sound), a member of the National Assembly Political Committee and a member of the People's Power Party, in the third quarter of this year, the delinquency rate of personal credit loans of K Bank customers using cryptocurrency-related accounts was 1.28%, and the delinquency balance was 47.40 billion won. Since the bank launched a cryptocurrency-linked account in June 2020, the delinquency rate and delinquency balance have continued to hit a record high.
It is reported that K Bank will resume listing next month. The pre-listing review obtained in August this year will be effective until February next year, so the industry believes that K Bank may try to list again before then. Some analysts believe that the recent activity in the cryptocurrency market is beneficial for K Bank, as it can generate additional income by managing investors' assets deposited on Upbit.