South Korea

South Korea’s Second Largest Bank Announces Entrance into Crypto Market


South Korean retail bank, Shinhan Bank, is testing a digital currency vault and wallet service according to Korean news site ddaily.co.kr.

 

Shinhan’s plan is to incorporate Bitcoin and other Cryptocurrencies into its existing digital infrastructure by  and allow for users to store their Crypto as they would in other wallets, with the use of Private Keys. A Shinhan Bank official commented, “It is a service that keeps the block chain key through the virtual safe provided by the bank.” He went on to say, “We are looking for ways to provide a free service when depositing and charge a fee when withdrawing.”

 

The bank aims to prioritise security, as crypto exchanges having become a proving ground for hackers. Any innovations made by Shinhan on that front are likely to have a huge impact on the entire industry.

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Ash Bonga

Ash is a cryptocurrency enthusiast, who dabbles in a bit of trading. By day he heads, technology distribution firm Existence Digital along with projects in footwear.

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