According to ChainCatcher, online lender K Bank has withdrawn its more than $700 million initial public offering in Seoul, according to Bloomberg. K Bank, which was originally scheduled to go public on October 30, withdrew mainly due to concerns about its valuation and reliance on deposits in cryptocurrency exchanges.

K Bank has rapidly expanded its customer base by partnering with Upbit, South Korea's largest cryptocurrency exchange. But it is worth noting that the contract with Upbit 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 plans to resume its IPO early next year, when it will continue to focus on its partnership with key strategic partners.