One of South Korea's Biggest Banks is Developing Blockchain Remittances
South Korea's KB Kookmin Bank is developing a blockchain solution for international remittances with the aim of ushering in “safer and faster” foreign exchange services. For the initiative, the commercial bank said it is partnering with local bitcoin startup Coinplug to utilise patents the firm holds in the field. In statements, KB Kookmin Bank explained that banks currently send overseas remittances via the SWIFT network, which sends payments via an intermediary before they arrive at the beneficiary institution. However, utilising blockchain technology avoids the intermediary, and could....
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