South Korea’s Bitcoin kimchi premium fell to around 3.39% on Wednesday after rising to 6.28% on Tuesday, its highest level since December, according to CryptoQuant.
According to reports, the sharp rise in kimchi premium may be related to “Kakao Bank is considering cooperation with a digital currency exchange”, which is rumored to be Upbit. Note: “Kimchi premium” refers to the large price gap between the token on the Korean exchange and the global average.
Earlier news, South Korea’s largest online bank Kakao Bank is considering cooperation with digital currency exchanges, the company’s CEO Yun Ho-young confirmed the plan. It said that since cryptocurrencies are the main asset of customers, they are evaluating how to provide virtual assets in the form of services or businesses in an advantageous manner.
