NongHyup Bank-Bithumb, Virtual Asset User Deposit Management Agreement

NH Nonghyup Bank announced on the 18th that it has signed a "Virtual Asset User Deposit Management Agreement" with Bithumb Korea to provide operating profits from virtual asset deposits.

According to the Virtual Asset User Protection Act, which takes effect on the 19th, both companies will manage customer deposits as safe assets, allowing users to receive operating profits.

Since 2018, Nonghyup Bank has maintained a continuous partnership with Bithumb and has deployed 160 dedicated virtual asset consultants to support prompt customer consultations for the rapidly increasing number of virtual asset investors. In collaboration with Bithumb, the bank plans to carry out ESG (Environmental, Social, and Governance) activities such as producing posters for the Virtual Asset User Protection Act and joint marketing to promote the consumption of Korean rice to support farmers facing difficulties due to decreased rice consumption.

Park Kwang-won, Head of the Corporate Digital Platform Department at Nonghyup Bank, stated, “As a deposit management institution, we will do our best to operate virtual asset deposits and manage deposits safely.”