Smaller crypto exchanges are waiving trading fees to challenge Upbit and Bithumb, backed by major financial investors.

Cryptocurrency exchange Coinone has joined Korbit in eliminating trading fees, as smaller exchanges backed by major financial players step up efforts to win customers despite a slump in crypto trading volumes.

Coinone eliminated trading fees for all crypto trading starting at 11 a.m. Wednesday. The exchange offers a 30-day zero-fee voucher that users can renew an unlimited number of times.

Digital X, the operator of Korbit, made a similarly…