According to TechFlow, on October 18, Bloomberg reported that online lender K Bank has withdrawn its more than $700 million initial public offering in Seoul. The company originally planned to price the offering on Friday and set its initial public offering on October 30. A successful listing will make it South Korea's largest IPO in more than two and a half years, valuing the bank at up to 5 trillion won (US$3.6 billion). The bank plans to resume its initial public offering early next year. The withdrawal came after concerns about its valuation and its reliance on cryptocurrency exchange deposits. K Bank has rapidly expanded its customer base by partnering with Upbit, South Korea's largest cryptocurrency exchange, but its contract with the exchange will expire in October next year. As of the end of June, Upbit's deposits accounted for 16.8% of K Bank's total deposits. K Bank said in its IPO prospectus that failure to extend its partnership with key strategic partners could weaken the competitiveness of its platform.