South Korea's Shinhan Bank looks to expand Blockchain technology services

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  • 10 months ago
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Shinhan Bank, one of South Korea's largest financial institutions has stated it has begun to use Blockchain technology to a greater extent as it has already provided education and consulting services to over 400 employees.

Blockchain powered Interest Rate Swap transactions were begun last month and has already undergone talks with the South Korean government and regulators in order to expand the commercial services and operations within the foreign exchange and investment sectors as it is keen to use the potential of both cryptocurrencies and blockchain technology.

It has also struck a deal with one of South Korea’s biggest crypto exchanges, Korbit, as it allows their account holders to use real-name banking services to execute withdrawals in Korean wons.

Shinhan has recently pointed to the interest in developing a network of safe cryptocurrency vaults and has come into partnership with names such as Ripple and its credit card division has struck a deal with Ethereum-powered payment platform OmiseGo back in April of this year. 




Source: Smart Trend Team