From BigGo Finance · BigGo Finance · · 1m 20s
Bithumb Targets Real Estate Market with Realtors
South Korea's Bithumb seeks real estate partnership after failed board vote.
In brief
South Korea's Bithumb seeks real estate partnership after failed board vote. Bithumb aims to enter real estate brokerage using Korea Association of Realtors' data but faces opposition over advertising costs and direct-transaction risks. Originally reported by BigGo Finance.
Bithumb enters real estate brokerage
South Korea's Bithumb is pursuing a partnership with the Korea Association of Realtors to enter the real estate brokerage platform business.
Proposed partnership structure
Bithumb would link listing data from Hanbang while a to-be-established Bithumb Real Estate unit would develop and operate the platform.
Bithumb's user base
Bithumb aims to convert its roughly 10 million cumulative users into real estate investment demand.
Real estate data foundation
The platform would serve as a data foundation for a future real-world asset (RWA) business.
Initial board rejection
The proposal was voted down once at the association's board meeting last month.
Opposition concerns
Concerns include advertising cost burdens on brokers and the possibility of a direct-transaction market opening.
Hanbang listings
Hanbang carries 900,000 to 1 million property listings registered by more than 100,000 licensed realtors.
Bithumb's strategy
Bithumb plans to limit initial partnership scope to apartment listings to address concerns.
Association's stance
Ha Jae-gap argues that Bithumb's entry could intensify pressure from existing monopoly platforms.
The short version
Bithumb aims to enter real estate brokerage using Korea Association of Realtors' data but faces opposition over advertising costs and direct-transaction risks.
