**K Bank withdraws IPO, blockchain industry is in turmoil again! 📉**

Hello everyone! Today we are going to talk about an interesting financial story. On October 18, Bloomberg reported that South Korean online lender K Bank Co. decided to withdraw its initial public offering (IPO) of more than $700 million. What exactly happened behind this? Let's find out!

First, K Bank said in a regulatory filing on Friday that the recent subscription process failed to generate sufficient listing demand. It seems that market concerns about its high valuation and dependence on cryptocurrency operators' funds have become the main obstacles. K Bank plans to restart its IPO early next year and revise details such as the number of shares issued. This news undoubtedly surprised many investors.

So why is K Bank so dependent on cryptocurrencies? It turns out that K Bank has rapidly expanded its customer base by cooperating with Upbit, South Korea's largest cryptocurrency exchange. As of the end of June this year, Upbit's deposits accounted for 16.8% of K Bank's total deposits. This means that K Bank's business relies heavily on the performance of the cryptocurrency market.

However, K Bank's contract with Upbit will expire in October next year. Failure to continue the partnership with this key strategic partner could weaken the competitiveness of its platform. This undoubtedly adds uncertainty to K Bank's future development.

For friends in the blockchain industry, this news may not be unfamiliar. The volatility and uncertainty of the cryptocurrency market often pose huge challenges to related companies. The example of K Bank once again reminds us that relying on a single partner or market may bring potential risks.

Of course, this does not mean that cryptocurrency and blockchain technology have no prospects. On the contrary, with the continuous development of technology and the expansion of application scenarios, the blockchain industry is still full of opportunities. The key is how to balance risks and benefits and find a steady development path.

Dear readers, what do you think of K Bank's withdrawal of its IPO? What do you think of the future development trend of the cryptocurrency market? Welcome to share your views and opinions in the comment area, let us explore this industry full of variables together!

Looking forward to your wonderful comments! 😊