South Korean Shinhan Bank pilots digital currency platform with LG CNS
South Korean commercial bank Shinhan Bank has built a digital won pilot platform in collaboration with LG CNS. Major South Korean commercial bank Shinhan Bank is looking to collaborate with the country’s central bank on developing a national digital currency.Shinhan Bank has developed a blockchain-based pilot platform for a central bank digital currency, or CBDC, in partnership with LG Corporation’s IT services arm LG CNS, South Korean news agency Yonhap reports Monday.Shinhan Bank and LG CNS created a virtual CBDC model where the Bank of Korea issues a CBDC, while other banking....
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One of the oldest banks in South Korea, Shinhan Bank, has revealed it will launch a cryptocurrency remittance service using Bitcoin. A joint effort between the bank and Streami Inc. will oversee the cross-border service between Korea and China. Shinhan Bank and Streami Plan to Launch South Korean Bitcoin Remittance Platform. According to Pulse, Shinhan....
Shinhan Bank, one of the largest financial institutions in South Korea will begin a remittance service – backed by bitcoin – between Korea and China, starting next month. The Korea-China corridor will soon see the bitcoin remittance service made possible through Hong Kong as an intermediary, a country where digital currency transactions are legally allowed, according to Korean news outlet Pulse. Fundamentally, the remittance operation will see Shinhan Bank transfer value to a digital currency exchange in Hong Kong, which will then further the transaction by transferring the value, in....
South Korea’s Shinhan Bank has invested in a crypto custody service backed by local crypto exchange Korbit. Shinhan Bank, the oldest banking institution in South Korea, continues its efforts to introduce digital asset custody services with a new investment.According to a Jan. 7 report by news agency Yonhap, Shinhan Bank has invested in Korea Digital Asset Trust, or KDAC, an industry consortium of businesses that provide digital asset custody. The initiative was launched by Korbit in collaboration with blockchain startup Blocko and digital asset research company Fair Square Lab.With the new....
ConsenSys, a major Ethereum software company, will contribute its technology to South Korean CBDC simulations led by Ground X. The central bank of South Korea has chosen a blockchain subsidiary of local internet giant Kakao as a technology provider for its digital currency pilots.Kakao’s Ground X had won the Bank of Korea’s central bank digital currency (CBDC) tender, becoming the principal technology supplier for blockchain-based digital won simulations, local news agency Korea JoongAng Daily reported Tuesday.The central bank announced that Ground X will participate in the South Korean....
A major commercial bank in South Korea is entering the crypto business by allocating an equity investment in the Korea Digital Asset Trust (KDAC). Shinhan Bank is looking to offer digital asset custody services. Bank Expects to Offer Tech Capabilities to Face Defi-Related Hacking Risks According to inews24, the bank announced the investment in the KDAC, a joint-venture custody company founded by a local crypto exchange, Korbit, blockchain firm Blocko and crypto researcher Fair Square Lab. The Shinhan Bank spokesperson stated that their upcoming crypto-related services are suitable for an....