Coinone and Korbit have eliminated or waived cryptocurrency trading fees as they seek to challenge Upbit and Bithumb, which together accounted for about 97% of trading volume on Korea’s won-based exchanges this month. Coinone removed fees for all crypto trading from 11 a.m. Wednesday and is offering a renewable 30-day zero-fee voucher. Digital X, Korbit’s operator, waived fees on all cryptocurrencies in its won market for one year through Aug. 24 next year. Coinone held a 2.39% average market share this month, while Korbit held 0.52%, according to CoinGecko. The fee cuts follow changes in the exchanges’ ownership structures: Mirae Asset Consulting acquired more than 97% of Korbit last month and committed an additional 50 billion won ($36 million), while Korea Investment & Securities bought a 20% stake in Coinone in May and formed a strategic partnership. Analysts will watch whether the fee-free strategies can translate financial backing into greater market share during a broader slump in crypto trading volumes.