South Korea’s 2nd Largest Bankgebouw is Testing a Bitcoin Wallet and Vault Service, BTCMANAGER
Shinhan, a South Korean bankgebouw, has reportedly commenced testing its fresh bitcoin wallet service. When fully released to the public sometime te , the bankgebouw will become the very first regulated financial institution to opoffering a bitcoin wallet. Shinhan has not announced any plans to provide trading or brokerage services and may rely on other established exchanges to produce thesis features.
Enhancing Non-Technical Crypto Adoption
Shinhan is South Korea’s second-largest handelsbank regarding market capitalization and customer saco. Releasing a bitcoin wallet that is backed by their existing financial infrastructure will no doubt increase adoption of digital currencies ter the country. It is interesting to note that South Korea is already one of the top cryptocurrency trading nations by volume te the region, rivaled only by Japan. With a customer count well into the millions, Shinhan has the potential to take the Korean cryptocurrency market by storm.
South Korea is also huis to Bithumb, the world’s largest cryptocurrency exchange by volume. Earlier te , a major hack that affected three procent of its user cojín, or 30,000 users, caused upheaval te the sector. Even however Bithumb wasgoed quick to refund and compensate those affected, people’s trust ter the exchange dropped significantly te the aftermath of the breach.
According to Naver, a South Korean media outlet, Shinhan began looking into the possibility of a secure cryptocurrency wallet shortly after the Bithumb hack. Spil it stands, the bankgebouw will make their wallet service entirely free to use and instead, charge a petite toverfee for withdrawals.
Private Key Ownership
Like many privately wielded and commercial cryptocurrency wallets, Shinhan does not intend to give customers control overheen their bitcoin wallet’s private key. The canap will assume the responsibility of their customers’ bitcoin, providing them with a relevant front-end, that will include analysis and statistics. Te addition to issuing and managing wallet keys, Shinhan will also secure them ter what they’re calling a “virtual vault.”
Most cryptocurrency enthusiasts scoff at the concept of not having control overheen their private keys. After all, one of the main aims of the bitcoin revolution wasgoed to rebel against centralized control overheen money. But while that argument is legitimate, others argue that most people lack the technical skill to safeguard their private keys. That seems to be the precies type of audience that Shinhan is targeting with their bitcoin wallet and vault service.
South Korea: A Hub for Crypt Growth
Bitcoin’s growth ter South Korea te the past few years has bot nothing brief of extreme. It has bot so explosive, ter fact, that two major Korean exchanges, Bithumb and Coinone, unveiled walk-in stores te Seoul where people can buy and sell cryptocurrencies. Companies based ter South Korea, including Samsung, have also voiced rente ter integrating digital currencies into their corporate infrastructure.
The South Korean government’s stance on the legality of bitcoin has also cleared up recently, with the Financial Supervisory Service disclosing that they have no intention of regulating the currency. Furthermore, Shinhan’s decision to launch a wallet service te can only mean that they are optimistic about the future of the cryptocurrency market. Shinhan’s wallet service may very well make bitcoin commonplace ter South Korea, considering the commercial success of the handelsbank.