A representation of the virtual cryptocurrency Bitcoin / Korea Times photo by Shim Hyun-chul

Cryptocurrency exchange Bithumb announced on Tuesday that it has upgraded its application to provide real-time information on the "kimchi premium."

This term refers to the phenomenon where cryptocurrencies in Korea trade at prices higher than the global rate.

In cooperation with Kimpga, an online platform specializing in tracking the kimchi premium, Bithumb has created a new tap titled Global Disparity of Market Price in its mobile application. Starting Tuesday, investors can access real-time information about the premium, which previously updated every five minutes. The tab also allows for easy checking of price disparities between global exchanges, including Binance.

"Bithumb is continuously striving to provide benefits and improve user convenience, aiming to deliver a distinguished user experience," said Moon Seon-il, service general manager of the exchange. "We will keep making various improvements and updates to become the exchange where customers feel most comfortable and can make wise investment decisions."