South Korea’s Largest Banks Go Pro-Cryptocurrency as OmiseGo Secures Deal

South Korea’s largest industrial banks together with Shinhan and Woori have continuing to support cryptocurrency exchanges when Kookmin, the most important bank within the country, denied to produce monetary services to commercialism platforms.

Shinhan and Omise
Since then, each Shinhan and Woori have supported a series of pro-blockchain and pro-cryptocurrency initiatives. In January, Shinhan, the second largest bank in Republic of Korea, proclaimed that it's begun the event of a bitcoin case and vault system with that bank users will safely store bitcoin in an exceedingly cold case. In Feb, Shinhan completed trials with Ripple Labs, utilizing the Ripple network and its liquidity system xRapid to send cross-border payments in an exceedingly blockchain network.

This month, Shinhan entered a strategic partnership with OmiseGo, associate Ethereum-based banking and payments platform, to accelerate the adoption and implementation of blockchain technology in Asia, and additional specifically, Republic of Korea.

In Republic of Korea, upon the completion of a note of understanding (MOU) between Shinhan and also the Ethereum startup, Omise corporate executive Jun Hasegawa stated:

“Omise and OmiseGO square measure operating to revolutionize the method digital worth moves globally, with associate finish goal of making a platform that facilitates a suburbanised economy. The OMG platform, exploitation the Plasma design, is being designed as a public network that's power-driven by Ethereum. the primary part of the case SDK was recently discharged and is out there for anyone to use. we would like to form it straightforward for those that would like on-line plus exchange as a part of their business to attach seamlessly to the OMG Network.”

The official statement of Omise unconcealed that within the approaching months, Shinhan can closely work with Omise to integrate its blockchain technology in varied areas of the bank’s operations. Shinhancard, the mastercard department of Shinhan Bank, is anticipated to develop new business models and key application opportunities supported the OmiseGo technology, turning into the primary major mastercard company in Asia to use blockchain technology.

Omise will method Shinhan FAN card and overseas businessperson base, probably subsidence transactions for Shinhan merchants exploitation the OmiseGo blockchain, and ultimately, the Ethereum blockchain.

“The MoU establishes a framework for nearer collaboration between every party; leverage Omise’s broad portfolio of payment technology and solutions, and OmiseGO’s server and mobile SDKs that are created publically accessible for the aim of onboarding e-wallet suppliers,” the Omise team aforesaid.

Bitcoin case
In Nov 2017, CCN reported that Shinhan began the event of its bitcoin case and vault system. Its representative stated:

“Shinhan is testing a virtual bitcoin vault platform whereby the non-public keys of bitcoin addresses and wallets square measure managed and issued by the bank. The bank intends to produce the vault service for complimentary and charge a fee for withdrawals.”

The MoU between Omise and Shinhan could lead on to the Omise development team cooperating with Shinhan in finishing the event of its cryptocurrency case, providing the Omise team unconcealed the MoU was signed to permit Omise to join forces with the most important South Korean bank in developing a range of blockchain solutions.