ChainCatcher news, according to Bloomberg, online lending institution K Bank has withdrawn its initial public offering (IPO) of over $700 million in Seoul. The company had originally planned to price the offering on Friday and was set to go public on October 30. A successful listing would have made it the largest IPO in South Korea in more than two and a half years, with a valuation of up to 50 trillion won ($3.6 billion) for the bank. The bank plans to resume its IPO early next year.The withdrawal occurred amid concerns about its valuation and its reliance on deposits from cryptocurrency exchanges. K Bank rapidly expanded its customer base by partnering with Upbit, South Korea's largest cryptocurrency exchange, but the contract with the exchange is set to expire in October next year.As of the end of June, deposits from Upbit accounted for 16.8% of K Bank's total deposits. K Bank stated in its IPO prospectus that failing to extend its partnership with key strategic partners could weaken the competitiveness of its platform.

ChainCatcher news, K Bank plans to develop a regular investment service for virtual assets. K Bank will collaborate with Dunamu and BC Card to develop financial products and services. The three parties will work together on joint marketing for the regular investment service for virtual assets and jointly promote service upgrades.K Bank President Choi Woo-hyung stated, "K Bank has contributed to the stability of the virtual asset market through its real-name verification deposit and withdrawal service collaboration. Based on this cooperation, the three parties will work together through joint services and marketing to create a safer and more reliable virtual asset trading environment."It is reported that K Bank was established by 20 shareholders including Korea Telecom and Ant Financial, with most of the participating shareholders being leaders in various industries in South Korea.

ChainCatcher news, the German cryptocurrency exchange Bitcoin Group SE has agreed to acquire 100% of the shares of the German bank Bankhaus von der Heydt for a price of 15 million dollars.It is reported that this acquisition will grant Bitcoin Group SE a full banking license in Germany, and the transaction is expected to be completed in the third quarter of 2023. (source link)

ChainCatcher news, according to sources cited by Bloomberg, German digital asset investment company Bitcoin Group SE is evaluating multiple acquisition targets, including the 268-year-old German bank Bankhaus von der Heydt, which has encountered difficulties due to its foray into the cryptocurrency and digital asset space. Bankhaus von der Heydt is currently in talks with potential buyers. (source link)