Bitcoin makes another dramatic advance, this time above $9,500 as Korea’s second largest bank, Shinhan Bank, tested Bitcoin Vault and wallet services for its clients. The bank intends to manage and issue the private keys of bitcoin addresses and wallets. Shinhan is no small enterprise with $192-billion in assets and over 13,000 employees in 2016. Bitcoin now has a market cap over $156-billion, leaving the cryptocurrency worth more than Merck, Disney, and GE. -GEG
Update: Bitcoin’s surge continues as Asia re-opens, pushing the cryptocurrency above $9500 as Korea’s second largest bank tests Bitcoin vault and wallet services for its clients.
As Coinivore reports, Shinhan, the second largest commercial bank in South Korea by market valuation in the country is testing a Bitcoin vault and wallet service for its customers that is expected to be released by mid-2018.
A representative of Shinhan Bank told Naver News, a media publication in South Korea in an interview that the bank will launch a Bitcoin vault and wallet platform in response to recent hacking attacks of leading South Korean cryptocurrency exchanges including Bithumb.
“Shinhan is testing a virtual bitcoin vault platform wherein the private keys of bitcoin addresses and wallets are managed and issued by the bank. The bank intends to provide the vault service for free and charge a fee for withdrawals,” the representative said.
In 2016 the bank reported a total of US $192 billion in assets and over 13,000 employeesaccording to News Bitcoin. The bank stated that the service wouldn’t be ready until the second quarter of 2018 but has begun testing the network for the services.
The service will incur zero fees to deposit Bitcoin to store in their cold storage instead a slight fee will be taken during the withdrawal process. They will also be rolling out a mobile app that will contain a dashboard for viewing stats and deposit information for their customers.
It’s unclear whether or not Shinhan will offer Bitcoin brokerage and trading services to enable their existing clients and customers to purchase or sell Bitcoin.
South Korea has been a hub for cryptocurrency and somewhat of a safe haven for established digital currencies since, unlike other countries, they have embraced digital currency as a means for change. Earlier this month, Choe Heung-sik, chief of the Financial Supervisory Service (FSS), stated that the South Korean government would not impose strict regulations on cryptocurrency exchanges in the foreseeable future.
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David James
5 years ago
Hate to burst bubbles here, but the beginning of the end has just begun for BTC, “maybe”. Can these things happen to gold or any type of currency? I’ve never heard of such.
I for one shall wait til there is a central location that is Brick and Mortar, that will honor checks of some type. Crypto currencies depend on electricity and computers for their existence. A bit shaky for me.
Offline is a documentary on the inevitability of the Earth being slammed by a mega solar flare – not the common type that interrupts communications and creates a light show in the Northern skies – but the big brothers thousands of times more powerful. These monsters deliver enough energy to blow apart the master transformers that supply the planet’s energy grids. When that happens, the lights go out for longer than anyone wants to think about. These X-Class solar storms hit the Earth every 150 years, on average. The last one arrived 156 years ago. We are overdue (
Hate to burst bubbles here, but the beginning of the end has just begun for BTC, “maybe”. Can these things happen to gold or any type of currency? I’ve never heard of such.
https://www.naturalnews.com/2017-11-08-cryptocurrency-vanishes-user-error-10-reasons-gold-better-than-bitcoin.html
AND
https://www.marketslant.com/article/how-nearly-4-million-bitcoins-are-now-lost-forever
I for one shall wait til there is a central location that is Brick and Mortar, that will honor checks of some type. Crypto currencies depend on electricity and computers for their existence. A bit shaky for me.