South Korea’s Second Largest Bank is Testing a Bitcoin Vault and Wallet

Shinhan, the second largest commercial bank in South Korea by market valuation and consumer base, has initiated the testing phase of its bitcoin vault and wallet services.

Why a Major South Korean Bank Decided to Launch a Bitcoin Vault and Wallet Platform

A representative of Shinhan Bank told Naver News, a media outlet operated by South Korea’s most widely used search engine, that the bank has come to a corporate decision to launch a bitcoin vault and wallet platform as a response to the recent hacking attacks of leading South Korean cryptocurrency exchanges including Bithumb.

In June, South Korea’s Bithumb, the world’s largest cryptocurrency exchange by trading volume, suffered a security breach that affected 30,000 users. As a consequence, the bank refunded $1 million in funds and provided an extra $1 million to the 30,000 users as a compensation for the hacking attack they had experienced.

In an official statement provided to Naver, a Shinhan 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.” […]

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