In what comes as a huge recognition for cryptocurrency, major and top-notch Korean bank Shinhan has launched the cryptocurrency custody service. There are many companies that are coming forward to offer the custody service for the digital money. Recently, Coinbase launched its own offering for institutional investors but a launch from the oldest and most popular bank in South Korea has definitely garnered huge attention from all corners. This is looked upon as a huge positive sign for the future prospects of cryptocurrency like Bitcoin.
Known as the country’s largest financial institution, Shinhan has come up with this service which reaffirms the fact that Bitcoin adoption has gone up in Korea as well. Bitcoin has been seeing a great surge in the market in the past few months and it is expected to be the next most important asset for trading. This service offered by the bank is a huge relief to those who want to own cryptocurrency but does not want to take in so much responsibility over taking care of it.
Shinhan Bank was founded way back in the year 1897 as Hanseong Bank and it has grown to be one of the largest banks in South Korea over the years. It has over 13,000 employees working for it and comes with total assets of US $260 billion. It has come out with a virtual money deposit option called Banknote. This facility provides investors with the ability to deposit virtual money like Bitcoin and other cryptocurrency. The bank offers zero storing fees for deposits and is known to take a small fee for withdrawals. Currently, the bank is working full-fledged for the launch of this new service and it is definitely looked upon as a giant leap for cryptocurrency which is growing slowly and steadily since its launch in 2008.