Coinone Secures One-Year Extension of KakaoBank Partnership

South Korean cryptocurrency exchange Coinone is likely to extend its real-name account partnership with KakaoBank for an additional year, according to a report from Edaily.

The current agreement between Coinone and KakaoBank is set to expire in mid-August, but the two parties are reportedly close to finalizing a one-year extension of their won deposit and withdrawal account agreement.

This partnership is crucial for Coinone's operations in South Korea, as it allows the exchange to offer fiat currency transactions to its users. Without a real-name account service, Coinone would be unable to facilitate these transactions, which are essential for most users.

The extension of this partnership is also significant for Coinone's competitive position against other major exchanges like Upbit and Bithumb.