Bithumb Seeks Real Estate Platform Entry, Discusses Tie

• Bithumb is seeking to enter the real estate information platform business through a partnership with the Korea Association of Realtors.
• Bithumb said it plans to provide real estate-related services to its 10 million cumulative users and secure real estate data that could later be used for real-world asset (RWA) business initiatives.
• The partnership proposal was previously rejected by the board, meaning the establishment of a Bithumb Real Estate entity and the broader business push will depend on whether the tie-up is approved.

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Bithumb is pushing to enter the real estate information platform business through a partnership with the Korea Association of Realtors, according to a media report.

Asia Economy reported on October 20 that Bithumb is discussing a business partnership with the Korea Association of Realtors to link real estate listing data and operate a platform. The deal would be pursued through a new entity under review, tentatively named Bithumb Real Estate. A decision on whether to formally establish the corporation would come after the partnership is finalized.

At the center of the proposed partnership is the integration of listing data from Hanbang, the association’s real estate transaction information network, into Bithumb’s platform. Bithumb would be responsible for building, operating and maintaining the platform. 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 practicing licensed real estate agents affiliated with the association nationwide. It holds about 900,000 to 1 million listings, including apartments, commercial properties, land and factories. The two sides are reviewing a plan to limit the initial partnership to apartment listings.

Through the project, Bithumb plans to expand beyond virtual-asset trading into real estate. The company also aims to provide real estate-related services based on its 10 million cumulative users and secure property data that could later be used for real-world asset, or RWA, business initiatives. The new platform is also set to include not only listings posted by licensed agents but also properties directly commissioned by sellers.

The partnership agreement has not been finalized. The proposal was rejected once at the association’s board meeting in September, and the group plans to revisit the matter at a board meeting on October 20. Bithumb is said to have explained that it would keep listing and advertising fees free and would not infringe on the existing business territory of licensed real estate agents, taking into account concerns in the brokerage industry.

Bithumb acknowledged it is pursuing a business partnership with the Korea Association of Realtors, but said the project remains at an early stage. The company added that it will review steps including the establishment of a Bithumb Real Estate entity depending on whether a contract is signed.