Hedera and Korea's Shinhan Bank partner on KRW stablecoin pilot
A new proof-of-concept will be tested to send fiat-backed stablecoins between banks to reduce fees and transaction times on international payments. South Korea’s Shinhan Bank and Hedera Hashgraph (HBAR) have completed a proof of concept that is designed to conduct international remittances using stablecoins on the Hedera Network.The new proof of concept by South Korea's Shinhan Bank for remittances can send money internationally within seconds for a fraction of a cent on the Hedera Network.Hedera claims that the average fee per transaction on its network is $0.0001, and the average....
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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....
Apart from participating in the co-governance process of Klaytn, Shinhan Bank will also be involved in the development of Klaytn-based digital services. Shinhan Bank, one of the largest banking institutions in South Korea, has entered into a partnership with Klaytn, a global blockchain platform developed by Kakao subsidiary Ground X.According to a Monday announcement, Shinhan Bank has joined Klaytn’s blockchain governance council, becoming a member of the co-governance of the Klaytn blockchain. As part of the new partnership, Shinhan will be also involved in the development of Klaytn-based....
Blockchain remittance startup Streami has closed a $2m seed funding round. Despite the startup's newcomer status, however, its backers to date include Shinhan Bank, one of South Korea's largest financial services providers. The bank committed ₩500m (roughly $427,000) to the funding round. Streami also drew support from Shinhan Data Systems, an IT entity within Shinhan; ICB, a payments firm known for working with Asian e-commerce giant Alibaba; venture firm Bluepoint Partners, and a group of angel investors. By targeting the Asian remittance market from South Korea to China, including....
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....