South Korean bank to launch Bitcoin service

South Korean bank Shinhan announced plans to create Bitcoin vault and wallet platform
25 November 2017   1473

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

Lightning Network Wallet by Breez to be Out For iOs

Solution is based on the lightweight client called Neutrino and it wallet supports Submarine Swaps technology
18 June 2019   215

The Breez payment platform introduced a non-custodial wallet for iPhone that supports the Lightning Network protocol.

The basis of the new product is a lightweight client Neutrino. It is also known that the wallet supports Submarine Swaps technology, which makes it possible to conduct transactions between online addresses and the Lightning Network.

The company's blog says that immediately after installation, the application automatically connects the channel to the so-called Breez hub connected to other Lightning nodes, which allows the user to conduct transactions with any participants in the second-level network. In addition, according to the founder of the company, Ron Scheinfeld, the possibility of a refund is provided in the event of challenging purchases.

In a Lightning economy, people trade money for goods and services. Intermediaries — banks, credit cards, online payment processors, and custodians of any kind — are obsolete. All that remains are the people, trading with each other anywhere, anytime, free to do what each of them thinks is best with their own money. Scale is no longer a concern. Transactions are virtually instantaneous and practically free. The people are free too. Finally.

Roy Sheinfeld
Co-Founder and CEO, Breez

The company also noted that within only two months after the release of the version for Android, Breez benefited from "hundreds of users." Currently, the wallet is in beta.

On the eve of the release of the iOS application, the startup managed to attract $ 500,000 from Recruit Strategic Partners and Fulgur Ventures. The funds will be used to develop an application for merchants, allowing them to accept Lightning-payments.