South Korean cartel enters Bitcoin remittance market

Major South Korean conglomerate Dongbu Group to enter Bitcoin remittance market
28 August 2017   618

Dongbu Group, a large South Korean conglomerate, producing industry, chemical, shipping, insurance and financial products, has announced a partnership with Bitcoin remittance service provider Sentbe in order to enter the Bitcoin remittance market. The move follows the legalization of “micro” Bitcoin remittances by the Korean government.

Dongbu Group announces partnership with Sentbe Image Credit:

As reported, Dongbu Group is collaborating with Sentbe through its savings bank subsidiary, the Dongbu Savings Bank. On top of that, according to an official of the savings bank, a Memorandum of Understanding (MOU) was already signed by the partners to prepare for the fourth industrial revolution era.

We have been working on this business alliance to prepare for the fourth industrial revolution era under the traditional savings bank business.

An official from the Dongbu Savings Bank

“This MOU is aimed at securing joint business opportunities by exploring new business models based on new technology and expertise of the WSBI overseas affiliate network,” the announcement details.

Thus, the new law legalizes Bitcoin foreign exchange transfers for small sums. 

Sentbe is in the process of being approved as a “micro-foreign remittance business,” the bank reveals, adding that it is preparing to expand the market of micro-foreign remittances.

BlackRock to Consider Bitcoin Futures

World largest asset management firm created a workgroup to study the prospects of crypto-based futures
16 July 2018   75

Investment company BlackRock has formed a working group that should find out what benefits the world's largest asset manager can get from entering the cryptocurrency sector, despite the fact that previously its CEO had heavily criticized bitcoin. This is reported by Financial News.

The investment giant, whose assets amount to $ 6.3 trillion, created a team that included experts from various business areas. They must collect information about the cryptocurrencies, the underlying infrastructure and technology of the blockchain.

The working group, which includes investment strategist Terry Simpson, should find out whether BlackRock should invest in bitcoin futures.

Sources also reported that BlackRock is studying the experience of its competitors in this area and the potential impact of their actions on the company's business. The working group will report on the results of its research to senior management.

A spokeswoman for BlackRock reported that the company has been considering blockchain technology for several years, but declined to comment on the cryptocurrency.

The creation of a working group may mark a turning point in relations between BlackRock and cryptocurrencies. Last year, its head, Larry Fink, said that bitcoin is an extremely speculative tool, and the only reason for its popularity is its anonymity. "This is an instrument that is used for money laundering," he said bluntly.

Fink gave his comments even before the appearance of crypto-currency futures. At that time, he saw no opportunity for his company to enter this market.