Mirae Asset Offers Free Trading in Bid to Overtake Korean Crypto Rivals

Korea's top four cryptocurrency exchanges have collectively incurred over $360 million in losses for the first half of the year, according to KED Global. This significant financial hit has prompted Mirae Asset's crypto exchange Digital X to offer a year of commission-free trading to rival Upbit and Bithumb.

Mirae Asset Group is making an aggressive push into South Korea's cryptocurrency market with this move. The conglomerate seeks to challenge the dominance of Upbit and Bithumb by waiving all trading fees at Digital X for a year.

The crypto winter has hit South Korea particularly hard, with retail traders flocking to stocks instead of digital assets. Spot turnover across the country's top exchanges has seen a significant decline, reflecting this trend.