Sources on social media quoting local media outlet Naver state that Shinhan Bank is already working on a functional product which will be designed for public release.
The tool is the result of Shinhan being awarded a third-party contract, according to the publication.
In allowing customers to store Bitcoin with a wallet, Shinhan would become the first major bank to also offer Bitcoin storage services direct. An unnamed official commented:
This is a service which allows Blockchain keys to be stored via the virtual safe in our bank. […] We are looking at ways to provide the service for free when making deposits, with a fee charged for withdrawals.
Trend Could Rope In Many Banks In Coming Years
The news broke on Twitter via Crypto Korean, who agreed with responses that Shinhan would become “Coinbase with a real bank behind it.”
“…I guess many banks will do this over the coming 1-2 years,” the commentator continued. “Banks will literally do anything that they can make money.” […]