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.
Thank you for reading!
Don't forget to upvote, resteem and follow me for more content & contest
Tradingview, https://www.tradingview.com/u/Tradewonk/
Instagram, https://www.instagram.com/tradewonk/
Or any of my other social media channels. Please consider getting your
free account here on Steemit.
"Join the adventure and be inspired." - Tradewonk