Shinhan Bank, one of South Korea’s leading commercial banking institutions, has recently unveiled a suite of cryptocurrency services within its SOL smartphone app.
According to a report by South Korean news outlet Field News, these new services will feature real-time price monitoring tools for various cryptocurrencies, along with beginner-friendly guides tailored for those new to the crypto investment landscape.
Shinhan Bank: A New Venture into Crypto Services
While transactions allowing customers to buy or sell cryptocurrencies directly through the SOL app have not yet been integrated, this initiative marks a significant bullish advancement for the financial giant.
Currently, no other domestic bank has offered a comparable service, though several have been reported to be developing their own cryptocurrency initiatives.
Presently, five cryptocurrency exchanges in South Korea have secured the necessary licenses to facilitate KRW-crypto trading pairs, while banks are still restricted from providing crypto exchange services. However, some, including Shinhan, have been investigating opportunities for offering crypto custody services.
The newly added SOL crypto tools encompass a real-time monitoring feature for cryptocurrency prices, instructional resources and quizzes for novice investors, as well as a professional news and reporting service focused on crypto markets.
SOL Bank serves as the integrated platform for Shinhan’s smart banking, financial services, and investment offerings. Initially launched in 2018, the app replaced various standalone applications to create a unified user experience.
Enhancing Customer Protection – A Top Priority for Shinhan
The bank emphasized that these newly introduced features will enhance financial consumer protection, enabling customers to gain better insight into the workings of cryptoassets.
Shinhan is committed to empowering its customers with accurate and accessible information, striving to provide easy-to-understand resources for those unfamiliar with the cryptocurrency environment while also ensuring consumer protection.
Additionally, the bank is poised to expand its capabilities in the near future by integrating functionalities with its cryptocurrency exchange partner, Korbit.
This forthcoming integration will facilitate transactions that allow customers to purchase and sell cryptocurrencies directly through the SOL app, as well as check their crypto wallet balances from the platform.
Advancements in Stablecoin Initiatives
Earlier this year, Shinhan Bank established a dedicated digital asset taskforce to explore and implement a variety of asset-related business ventures.
This taskforce has been engaged in several exciting projects, including pilots for overseas remittance using stablecoins and a token-based cross-border payment settlement initiative. Moreover, Shinhan has joined the emerging South Korean stablecoin movement by applying for a trademark for a won-pegged stablecoin named KRWSH.
In May, Korbit announced its collaboration with Shinhan Bank to promote corporate transaction services. As regulatory changes unfold, it is anticipated that later this year, South Korean corporations will be permitted to utilize their balance sheets for cryptocurrency investments.
The Financial Services Commission has also introduced an agenda that will ultimately allow larger companies in South Korea to invest in Bitcoin (BTC) and other digital assets.
The post South Korea’s Shinhan Launches Crypto Services on Its Banking App appeared first on Cryptonews.
