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Crypto Friendly S Korean Bank Signs Blockchain Deal

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One of South Korea’s biggest commercial banks, Shinhan, has announced that it will use the new high-speed blockchain platform developed by one of the country’s biggest mobile providers, KT.

Source: iStock/opolja

Per news outlet Joongang Ilbo, KT and Shinhan will look to apply blockchain-powered solutions to “new business” areas, particularly in the financial and public sectors.

Shinhan has shown an enormous willingness to develop cryptocurrency- and blockchain-related business in recent times.

Last year, the bank reportedly tested a virtual bitcoin vault – an alternative safe storage system for investors wary of using third-party wallet services or storing tokens in exchange accounts.

Shinhan is one of a small group of South Korean banks that allows exchange cryptocurrency customers to withdraw and deposit Korean won via government guideline-sanctioned real-name, social security number-authenticated accounts.

The bank has also been looking at blockchain-powered B2B financial transfer technology, in conjunction with banking partners in Japan and South Korea.

Now, the bank and the telco also plan to help local authorities in the country provide high-tech funding solutions – by providing blockchain-issued, tamper-proof “gift” certificates to companies or organizations to whom they wish to provide financial support.

The move comes as a major boost for KT, which has been searching for high-profile partners since it announced its 100,000 transaction-per-second blockchain platform last month.

KT has been hoping to steal a march on its arch telco rival, SK, which is working on a platform that it says will allow customers to manage their financial assets online.