KakakoBank, South Korea’s first and largest internet-only bank, is optimistic about forming partnerships with local crypto exchanges.

“Since clients are investing in and managing cryptocurrencies like a financial product, we are positively reviewing how we can offer them crypto services or businesses,” said Yun Ho-young, CEO of KakaoBank, at Q1 earnings call Tuesday.

Yun’s comment comes just a day after rumors of the internet bank providing real-name verification service to Coinone, the third largest crypto exchange in the country. All crypto exchanges operating in Korea are required to partner with a bank that can vet exchange users based on know-your-customer process in order to offer Korean won crypto pairings.

Although KakaoBank has denied the rumors, it did confirm that it is eyeing the industry with heightened interest.

KakaoBank recorded net income of KRW 66.8 billion (US$52.8 million) during the first quarter of this year, a 43.2% increase from the same period last year, according to the company’s regulatory filing.

Operating profit and total sales reached KRW 88.41 billion and KRW 338.44 billion, a 63.8% and 50.5% jump on-year, respectively.

 

 

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