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A large South Korean bank will launch a service for storing crypto currency



One of the largest financial institutions of South Korea, Shinhan Bank announced the launch of the crypto assets storage service. This is written by Bitcoinist .

"This service will allow storing private keys in the virtual storehouse of our bank ," said one representative of Shinhan Bank. - The new service will provide for the absence of commissions when depositing funds and a small commission when they are withdrawn. "
Information on the new banking service, in particular, is confirmed by the well-known local Twitter-account Crypto Korean. In response to the assumption that Shinhan will become the new "Coinbase, but only based on a real bank," Crypto Korean wrote the following:

"... I believe that many banks will do similar in the next 1-2 years."
Then he added that "banks will do literally everything in order to make money."





Also, according to Crypto Korean, the new banking service will enjoy significant success in this country, especially given the recent events on the Bithumb exchange, when hackers managed to acquire the personal data of more than 30,000 users of the exchange.




In addition to virtual bitcoin storage, Shinhan Bank plans to create its own infrastructure for a crypto-exchange ecosystem, which will include relevant mobile applications and analytical services.

The development of a new service Shinhan Bank engaged in this year. It is expected that the launch of the platform will take place in the near future. According to the representatives of the bank, the service will allow storing crypto-currencies, taking advantage of all the advantages of traditional banking services.

Created in 1897, Shinhan Bank is historically the first banking institution in Korea. At present, it is one of the three largest South Korean banks, with 13,000 employees and assets under management for $ 192 billion.

Recall, recently Coinbase announced the launch of a company focused on institutional investors, which will specialize in the safe storage of digital assets. The new company was named Coinbase Custody .