Bithumb Seeks Entry Into Real Estate Platform Business, Discusses Tie-Up With Korea Realtors Association
Summary
- Bithumb is seeking to enter the real estate information platform business through a partnership with the Korea Association of Realtors.
- Bithumb plans to provide real estate-related services based on its 10 million cumulative users and secure real estate data for use in real-world asset (RWA) businesses.
- Bithumb said it will keep listing and advertising fees free and will not infringe on the business scope of existing licensed real estate agents, while the establishment of Bithumb Real Estate will be reviewed depending on whether a contract is signed.
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Bithumb is seeking to enter the real estate information platform business through a partnership with the Korea Association of Realtors, industry sources said.
According to an Asia Economy report on Oct. 20, Bithumb is in talks with the Korea Association of Realtors on a business alliance to link property listing data and operate a platform. The deal would be pursued through Bithumb Real Estate, a new entity under review. Whether the company is formally established would be decided after the partnership is concluded.
The proposed partnership centers on integrating listing data from Hanbang, the association's real estate transaction information network, into Bithumb's platform. Bithumb would oversee platform development, operations and maintenance. The association would receive support for costs needed to improve its existing transaction network system.
Hanbang is a real estate information network used by more than 100,000 association-affiliated licensed real estate agents nationwide. It holds about 900,000 to 1 million property listings, including apartments, commercial units, land and factories. The two sides are considering limiting the initial partnership to apartment listings.
Through the project, Bithumb plans to expand beyond its existing digital-asset trading service into real estate. Based on its 10 million cumulative users, the company aims to offer real estate-related services and secure real estate data that could later be used for real-world asset, or RWA, businesses. The new platform is also set to include not only listings registered by licensed agents but also properties submitted directly by sellers.
The partnership agreement has not been finalized. The proposal was rejected once at the association's board meeting in September, and the association plans to revisit it at a board meeting on Oct. 20. Bithumb has explained that it would keep listing and advertising fees free and would not encroach on the existing business territory of licensed real estate agents.
Bithumb acknowledged it is pursuing a business alliance with the Korea Association of Realtors, but said the project remains in its early stages. The company said it would review the establishment of Bithumb Real Estate depending on whether a contract is signed.
