Shinhan, one of the largest banks in South Korea has declared that it has devotedly commenced accepting blockchain technology in its products and services. It also confirmed that it has already offered blockchain education and consulting to its 400 employees. Shinhan is now, all set to start marketing blockchain-powered services.
The bank confirmed that it began blockchain-fueled IRS (Interest Rate Swap) exchanges before the end of last month. It is the first kind of business service that is produced by the bank’s Blockchain Lab unit. The unit has additionally communicated with government and administrative bodies with a vision to grow the business of blockchain operations to foreign level trade and investment zones.
Shinhan is believed to be enthusiastic about researching the potential benefits of both innovative blockchain technology and crypto money.
Shinhan has also hit a deal with nation’s greatest cryptocurrency exchange- Korbit, which will let new Korbit account holders utilize the genuine banking services for withdrawing Korean currency. Previously, the bank had permitted such services only to existing Korbit account holders. Earlier this year, Shinhan had issued rules that require banks in the nation to just enable withdrawals to be made by genuine name and by government security number-checked records only.
The bank is reportedly also working at blockchain innovative technology ventures with KT, the South Korean telecom supplier that claims it has created one of the world’s quickest blockchain systems. Shinhan has recently revealed its interest in building up a system of ultra-safe digital currency vaults and crack deals with the admirers of Ripple. Its Master Card arm has acknowledged a deal with an Ethereum-fueled payment system- The Omise Go.
Leading cryptocurrency exchange Bithumb has released a new version for casting ballot that will enable its users to cast a vote on which digital money it should list. The trade says it will analyze the system 24 hours every day to ensure fair voting and will also check no fraud conspiracy will happen. They will bar deceitful tokens and will audit every single named coin to assure they are above-board.
Segye Ilbo reported that a South Korean blockchain startup is seeking to switch the nation’s complete ban on all types of Initial Coin Offerings (ICOs) by speaking to the court. The organization, named Presto, is aiming to direct a decentralized sovereign ICO (DAICO) and would also like to persuade the court of the ICO boycott’s nonfeasance.
The constitutional government is yet to declare if it has changed its position on the ICO forbid following great pressure from business organizations, although it has promised that it would do so before the end of this month.