South Korean Bank Unveils New Wallet Service for Cryptos

Shinhan Bank in South Korea is becoming a force to be reckoned with in the cryptocurrency space, entering several partnerships that indicate its interest in the area is not waning.

The latest effort entails it testing a vault and wallet service that will allow crypto users to store their tokens.

News of this effort came from media outlet Naver. It is just the last project that has been highlighted about how Shinhan Bank crypto efforts.

Wallet and vault

Naver reports that Shinhan Bank plans to build a test server that can store virtual money. In addition, it wants to develop mobile apps that can use the service, and develop managerial pages for statistics and analysis.

This project is the result of Shinhan being awarded a contract to build a virtual money safekeeping service test business. That virtual money includes Bitcoin. The bank plans to leverage its own security efforts to secure the virtual money that is stored safe.

In allowing customers to store Bitcoin with a wallet, Shinhan would become the first major bank to also offer Bitcoin storage services direct, according Naver. It quoted a Shinhan Bank official as saying:

"It is a service that keeps the block chain key through the virtual safe provided by the bank. We are looking for ways to provide a free service when depositing and charge a fee when withdrawing."

Other efforts

As developments from the virtual wallet unfold, we’ll keep you posted.

Now we’ll turn your attention to some other noteworthy ventures from the bank. It’s been working with Visa on its first, pilot phase of a business-to-business payments service.

In another effort, Shinhan is working with a Korean Fintech startup called Streami. It specializes in Blockchain-backed services. It launched a Blockchain with Shinhan Bank last year.

We’ll keep you posted of any other crypto-related happenings to come from this South Korean bank.