South Korean bank to launch Bitcoin service

South Korean bank Shinhan announced plans to create Bitcoin vault and wallet platform
25 November 2017   694

Shinhan, a bank which is headquatered is Seoul in South Korea and historically was the first bank in Korea, made a decision to launch savings service for Bitcoin and the wallet platform for cryptocurrency. This decision was made in a response to the recent hacking attacks of the leading South Korean cryptocurrency exchanges including Bithumb.

Shinhan is testing a virtual bitcoin vault platform wherein the private keys of bitcoin addresses and wallets are managed and issued by the bank. The bank intends to provide the vault service for free and charge a fee for withdrawals.

Shinhan Bank official

Currently South Korea can be considered as a leading cryptocurrency market, and the integration of Bitcoin vault and wallet might help to increase Bitcoin adoption in the country. 

The plans of Shinhan Bank to launch Bitcoin vault and wallet platform are set to the middle of 2018. If the plans will be imlemented the company will become the first regulated and large-scale commercial bank which provides Bitcoin vault and wallet service.

Previously, it was reported that South Korean Financial Supervisory Service denied value of cryptocurrency, and South Korean authorities were making plans to ban all types of ICO due to the risk of scam and fraud.

At the moment of press, these are main market parameters of Bitcoin:

  • Average price: $8647.55
  • Marketcap: $144,423,917,264
  • 24h volume: $4,362,670,000

Bank of America: Cryptocurrencies Are a Threat

Bank of America (BoA) has admitted to US regulators it can not pretend any longer that cryptocurrencies are not a threat
23 February 2018   124

On February 22, the report was filed with the US Securities and Exchange Commission (SEC). It listed a range of economic, geopolitical, and operational risks that the Charlotte, NC-based bank faces as it heads into the new fiscal year. Crypto adoption was on the list for the first time.

Bank of America (BoA), which recently banned purchasing of crypto with credit cards, stated that this and other similar policies could cost the bank clients.

Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies.

The second largest bank in the U.S. said that adoption of cryptocurrencies could require the bank to make “substantial expenditures” to update its existing services and remain competitive with upstart firms.

The widespread adoption of new technologies, including internet services, cryptocurrencies, and payment systems, could require substantial expenditures to modify or adapt our existing products and services.

According to the Bank of America, cryptocurrencies could limit the institution’s ability to comply with anti-money laundering regulations.

Eventually, this is one of the first public admissions that financial institutions are beginning to worry that mass cryptocurrency adoption could one day become a reality.