ICONLOOP & SBI Savings Bank to Join Forces

ICONLOOP technology will be integrated in SBI Simple Authentication, the first authentication service on the blockchain in the Korean savings banking industry
01 April 2019   268

The developer of the Korean blockchain project ICON, ICONLOOP announced the integration of its technology into the SBI Savings Bank identity authentication service. According to the publication, SBI Simple Authentication will be the first authentication service on the blockchain in the South Korean savings banking industry.

The application will allow you to authenticate using a PIN or fingerprint. The authentication information will be stored by SBI nodes, and the ICORELOOP system of smart contracts SCORE will be used to verify it.

Both companies participating in the project hope that they will be able to increase the safety of the proposed product using the blockchain. ICONLOOP has been working with SBI Savings Bank since November 2018. In addition to authentication, their collaboration involves certification of electronic documents.

Blockchain-based ‘SBI Simple Authentication’ has the opportunity to be a leading solution in financial markets to enhance both convenience and safety by applying blockchain to services that are actually being used. ICONLOOP will work closely with SBI Savings Bank to find synergies in various fields and provide differentiating solutions.

Jonghyup Kim


In early March, ICON introduced a standard for the issue of tokenized securities on the blockchain.

South Koreans to Invest in Crypto Actively

In addition to the investment amounts, the share of those interested in investing in digital assets also increased
22 April 2019   80

The average amount of investments in cryptocurrency from South Korean invesetprs is $ 6,100, which is 64% more than last year, Cointelegraph reports.

According to a survey conducted by the Korean Fund for the Protection of Portfolio Investors, in addition to the investment amounts, the percentage of those interested in investing in digital assets also increased. Thus, 7.4% of the 2500 respondents have already acquired cryptocurrency (last year there were 6.4% of those). It is noteworthy that this figure has increased, despite several major break-ins of the South Korean crypto exchange, as well as tougher regulation of the industry.

Analysts connect the market with a recent bitcoin price jump and hope for a new bull rally.

Recall recently it became known that 94% of trust capital funds invest in cryptocurrency.