South Korea's Second Largest Bank Develops Crypto-wallet
Shinhan, the second largest commercial bank in South Korea, has announced to develop crypto-wallets for its clients. Shinhan is likely to be the first commercial bank to offer digital purses for cryptocurrencies.
The news is particularly interesting because the crypto currency market in South Korea is one of the most important in the world. Over the past few months, it has been shown time and again that the market in South Korea can have a very strong influence on the price of a currency. For example, the "pump and dump" of Bitcoin Cash was largely based on South Korea.
Shinhan Bank's release of crypto-currency wallets for its clients could therefore give the crypto-currency market another massive push toward mainstream acceptance and diffusion in society. This, in turn, could have a positive effect on the rate of accepting currencies.
The news was spread through a Shinhan Bank representative to Naver News, a media company run by South Korea's most widely used search engine.
Shinhan Bank's news comes after the South Korean Bithumb Stock Exchange (the world's largest trading volume of cryptocurrencies) has had several issues over the last few months. In June of this year, hackers stole personal information from over 30,000 users. A few days ago, servers from Bithumb also crashed and caused great uncertainty.
The new service of Shinhan Bank should be safer, according to Naver News. The bank plans to combine the widespread view in society of the strong security of a bank with the advantages of cryptocurrencies. The decisive security advantage should be that the private key is issued and managed by the bank. This service should be free. Deposits should also be made without charge. Withdrawals will be charged according to Naver News.
The launch is planned until mid-2018. Whether it remains with the Wallet service or whether Shinhan also offers trading services, so that customers can buy or sell crypto currencies is still unclear.
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This points out to one fact crypto currency is gaining massive acceptance by a larger percentage of world population. And by 2020 i guess we can even start paying our bills with it. great post here buddy
Agree! My pleasure.
Anytime sir.
I like how South Korea adopts crypto really fast. But why store crypto in banks, if you can store on hard wallet, for example, and nobody will know a thing about how much you have
For those people who prefer is have their hide, then it’s better having them on a hard wallet :)
Good morning Korea. You have posted a good news. Thank you for sharing
If I remember correctly, S Korea also had a big role in the recent SBD spike. S Korea is making lots of money moves. They’re a great example for other countries in regards to crypto acceptance.
Agree
Great post buddy! Very informative! Thanks for sharing.
Upvoted!
My pleasure!
In this case, one of the most important advantages of crypto currency is lost: anonymity.
I wouldn’t say all cryptos are anonymous. Take Steem for example. For a lot of people, their Steem address includes their name or their blog page has their name. Different cryptos serve different functions.
If the main task is anonymity, Steеm account can also be made anonymous.
P.s. The anonymity will disappear - there will be taxation. The course with the opening of accounts is very well thought out.
Wasnt "decentralization" the whole point of having cryptos??
Wow this is big news. Come on European Banks what are you waiting on!
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