Bithumb, the second-largest cryptocurrency exchange in South Korea, has recently announced the upcoming launch of trading pairs for RAD [Radworks] and MAGIC with the Korean won. This strategic move aligns with Bithumb’s overarching goal of expanding its presence in the South Korean market, which its main competitor, Upbit, currently dominates. Bithumb holds a market share ranging from 10% to 20%, while Upbit commands a substantial majority with over 70% of the market.
The scheduled rollout for RAD transactions includes the commencement of deposits at 11:00 am on Monday, January 15, 2024; trading initiation at noon on the same day; and withdrawals becoming available at 1:40 pm. The standard price for RAD is set at 2,246 won.
On the other hand, MAGIC trading pairs, specifically in the Korean Won Market and utilizing the Arbitrum network [Arbitrum One], will kick off with deposit initiation at 11:30 am on Monday, January 15, 2024. Trading and withdrawal for MAGIC are slated to start at 2:30 pm on the same day, with a standard price of 1,374 won.
These developments follow Bithumb’s recent listing of TRC20-USDT, a variant of Tether’s USDT issued on the TRON network, and introducing a trading pair with the Korean won. This move holds significance as South Korean exchanges typically operate with the Korean Won or BTC as their primary denominations, and notably, Upbit does not currently feature USD stablecoins.
Bithumb Set Sights For IPO In 2025
Looking beyond these trading pair expansions, Bithumb is reportedly planning to go public in South Korea, with potential listings on Kosdaq, the South Korean counterpart to Nasdaq, or an initial public offering [IPO] on the country’s main stock market, the Kospi. If successful, this would mark the first IPO by a Korean cryptocurrency exchange. This strategic move is part of Bithumb’s broader initiative to increase its market share and narrow the gap with Upbit, which currently dominates more than 80% of the South Korean market.
These developments are unfolding against the backdrop of the South Korean Financial Services Commission [FSC] expressing concerns about the potential impact of US spot Bitcoin ETFs on the stability of the country’s financial system.