Largest Banks Based In South Korea Go Pro-Cryptocurrency As OmiseGo Secures Deal

Shinhan And Omise

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Shinhan and Omise

During the start of January, Shinhan which is South Koreas second largest bank made an announcement that they started development of a Bitcoin Wallet and also a vault system in which the bank users can store their Bitcoin in a cold wallet. Therefore, in February, Shinhan had trials with Ripple Labs using the Ripple network and also the xRapid liquidity system in sending the cross-border payments in Blockchain network.

Therefore, this month, Shinhan was involved in partnering with OmiseGo which is Ethereum-based banking and also a payments platform. This is meant to accelerate the implementation and also adoption in Asia and most specifically South Korea.

Upon the memorandum of Understanding (MOU) between Shinhan and the Ethereum startup, The CEO of Omise stated;

“Omise and OmiseGo are working to revolutionize the way digital value moves globally, with an end goal of creating a platform that facilitates a decentralized economy. The OMG platform, using the Plasma architecture, is being built as a public network that is powered by Ethereum. The first phase of the wallet SDK was recently released and is available for anyone to use. We want to make it easy for those who need online asset exchange as part of their business to connect seamlessly to the OMG Network.”

During the statement of Omise which was announced in the coming months, Shinhan vowed to work with Omise in the integration of the Blockchain technology in the bank’s operations. Therefore, Shinhancard which is the credit card department in Shinhan Bank will be involved in the development of business models and also the various technologies based on OmiseGo technology. This becomes the major credit card bank to introduce Blockchain technology.

Omise Team declared;

“The MoU establishes a framework for closer collaboration between each party; leveraging Omise’s broad portfolio of payment technology and solutions, and OmiseGO’s server and mobile SDKs that have been made publicly available for the purpose of onboarding e-wallet providers.”

Bitcoin Wallet

In 2017 November, CNN was involved in reporting that Shinhan began the wallet development and the vault system development.

The representative said;

“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.”

Therefore, the MoU formed between Shinhan could make the Omise team of developers cooperate with Shinhan in the completion of the cryptocurrency wallet.

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