Major Korean Bank Launches Cryptocurrency Storage Service
Enterprise-grade cryptocurrency storage services are gaining popularity. Recently, the American cryptocurrency startup Coinbase announced the launch of such a service, and now it’s the turn of Korean investors. One of the largest banks in the country, Shinhan Bank, invites customers to take part in testing the Banknote service, which is, in fact, a repository of cryptocurrency assets. Writes about it Bitcoin.com.
Shinhan Bank was founded in 1897. In 2016, the bank reported that it has assets at its disposal for $ 192 billion, and the number of its employees exceeds 13,000.
The bank started developing the service this year. The official launch of the new platform is expected to take place shortly. According to the bank, the service will allow storing cryptocurrencies such as bitcoin, while taking advantage of all the advantages of traditional banking services, including in the field of ensuring the security of asset storage..
In order to attract customers to the new service, Shinhan Bank promises not to charge fees for making deposits and holding assets and only charge a small commission when users want their assets back..
At the moment, the bank is preparing a test server for launch to demonstrate the new service before the official release. Later, a mobile application will be released, with the help of which customers will be able to receive information about their deposits and view statistical data.
In June this year, data from 30,000 users of South Korea’s largest cryptocurrency exchange Bithumb fell into the hands of cybercriminals, suggesting that such a service will be popular. In addition, some Bitcoin users may fear the safety of their private keys. For them, such a service may turn out to be an acceptable alternative, especially if one considers that a large bank will be engaged in servicing the accounts..
By Haobo Wang