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